Please contact me today if you would like a list of current foreclosures in the area!
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To explain a little bit about how the different types of foreclosure/repo’s/estate sales work in case you are wondering:
– A court foreclosure is generally owned by the Court of Queens bench and has a different process than most. With this type of listing you generally need to have your financing in place and inspections complete before getting an offer accepted. Once accepted the court will typically set a date in the future for final acceptance by a judge. That date can range from a couple of weeks to over 4 weeks. During the time the offer is accepted and before the court date anyone else can also submit another offer. If more offers are submitted you will typically be notified and have a chance to bring your best offer.
– A bank repo is generally owned by the bank that was responsible for the loan against the property. Here you typically can submit a conditional offer as your REALTOR® deals directly with a bank representative throughout the process. The offer is negotiated through this bank representative and once accepted could proceed as you would with any offer removing conditions. Keep in mind that bank repo’s typically have an “AS IS WHERE IS” clause in the contract so Buyer beware. You must perform all necessary inspections to satisfy yourself with the condition of the home.
– An Estate sale is generally owned by the estate, with one or more executors that have signing authority. They are typically subject to probate which is the time period between the execution of the will and the lawyers settling the estate. This period can take anywhere from 2 to 6 months and if a minor is part of the will possibly even longer as there will now be a trustee of the public