Would like Suggestions on Foreclosure Buying

[Duncan Forbes]

Hey Everyone!

Hope all is well. My name is Duncan Forbes, I am starting my real estate journey in Westchester NY. I am not necessarily that new in the Real Estate industry because I have a place in Tulum Mexico, Condo as a short term rental. 

I am planning on selling my Condo in Tulum, and looking to buy a fixer upper in westchester. About Westchester, NY:
- One of the most expensive places in the US, maybe the world
- Supply is VERY low
- Houses are no less than like $600k-$700k, I'm also getting outbid a lot.
- Now Foreclosures may be a good discount but at the same time I already know that there is aLOT more risk to this.

I already have a real estate agent, a mortgage broker, and am getting connections to contractors and so forth.

My few Questions are:

- Do I need a real estate agent in this process for foreclosures?

- Are there any resources / you tube vidoes/ or additional BP Videos I should be looking at

- If anyone is so kind, would anyone be able to give me a tutoring lesson for any hour, and if so, I am willing to throw a little money for their time. Thank you!

[Jay Hinrichs]

Quote from @Eric N.:

Quote from @Duncan Forbes:

@Eric N. it looks like it’s good! See picture above! 

 All states have foreclosure sales. Banks regularly foreclose on properties and sell them on auctions. Restrictions are placed to prevent potential buyers from acquiring those properties before they are disposed of by banks. Check to see if you can market to people on active foreclosures and make an offer to buy their properties. 

In every state the public is welcome to bid at sherrif sales or in Deed of Trust states Trustee auctions. The laws vary from state to state on the bidding process.. Like most Sherrif sales in the Eastern half of the country the sale has to be confirmed after the fact by a judge. In Trustee sales once you hand over your check its done your money is gone and not coming back unless there was a mistake in the sale or the owner filed a very late BK that was not caught before the sale was cried.

In a lot of the Sherrif sale states you simply need a deposit to bid and then you will have a normal or basically normal settlement once the judge approves the sale.. Ohio is like this. And in states that allow deposits and then settle up competition is higher as the price of entry is so low 5 to 20k deposits to bid.. now if you dont finalize you lose the money and can be fined as its illegal to bid and not close.

As for NY which is from what I see a very complicated state compared to Trustee sale states the thing to do and the ONLY thing to do.. Is not listen to anyone on BP or SM.. You spend 500.00 bucks or so for an hour or two from a very good attorney who specializes in foreclosures and have them walk you through it  in person in their office.. This is by far the best money you will spend.. And the ONLY way to know the actual laws and rules of bidding at foreclosure sales.

For Pre foreclosures  Eric is correct many states have enacted laws that must be followed to avoid large penalties when dealing with Owners Occupied homes that are in foreclosure. Now many folks dont know the laws and still blindly go at it.. And many on line U tubers will talk about it but none of them know all the laws.. or they gloss over them so that you will buy their course.