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#436821 - 06/16/14 08:35 AM Buying foreclosure in NYC- Recommendations needed! (short sale/deedtransfer)
CSmith99 Offline
Junior Member

Registered: 06/16/14
Posts: 3
Loc: Brooklyn NY
(my apologies, this is an xpost from /buying but this seems more appropriate.)

My husband and I are trying to purchase a foreclosure property in Brooklyn. We have done 2+ years of research on this specific foreclosure, and the end of the case is near and we would really like to avoid auction at all costs. We want to make an offer pre-auction as either a short sale or, more likely, a deed transfer, however all parties are MIA and have seemingly washed their hands of the entire proceeding. I have personally tried contacting the owner and his attorney as well as the finance company's attorney, and the assigned referee.

I *know* there must be a community of professionals who specialize in these types of deals, however I can't find them. We have met with 3+ real-estate attorneys, all of whom advertized experience in foreclosures but none of them had any insight into how to get a deed transfer or short-sale moving (they all told us to call them when we were ready to draft up a deal... that's not the hard part!) I've also spoken to a number of real-estate agents who seem interested at first but then give up as soon as one of the counsel members in the case doesn't return their calls.

We are not bargain hunting or trying to low-ball any firm or individual who works with us, but the case is rather complex and will require some time. I have been going to auctions attempting to network, but buyers are sort of close-lipped about their personal resources (and, honestly, being a young-looking woman has not done me any favors.) We are prepared to go it alone, but would really rather find a team to work with us. There is a sizable amount of commission to be made for whomever can get the job done (this is not a $400k property.) We are prepared for an all-cash offer.

If anyone has any recommendations for real estate/legal professionals OR if you have personal experience purchasing short-sales in NYC, I would love to hear any insight anyone can offer!

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#436845 - 06/17/14 06:25 AM Re: Buying foreclosure in NYC- Recommendations needed! (short sale/deedtransfer) [Re: CSmith99]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2208
Loc: Outer Banks
If you are referring to the sheriffs auction, there are laws governing the foreclosure process which cause the auction to take place. You can not circumvent those laws which are designed to protect the public.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#436847 - 06/17/14 07:54 AM Re: Buying foreclosure in NYC- Recommendations needed! (short sale/deedtransfer) [Re: Bigtoe]
CSmith99 Offline
Junior Member

Registered: 06/16/14
Posts: 3
Loc: Brooklyn NY
[quote=Bigtoe]If you are referring to the sheriffs auction, there are laws governing the foreclosure process which cause the auction to take place. You can not circumvent those laws which are designed to protect the public.


[/quote]

in NYC it is not a sheriff's auction, and something like 80% of foreclosures sell pre-auction. It is absolutely legal to buy a foreclosure prior to auction.

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#436852 - 06/17/14 11:23 AM Re: Buying foreclosure in NYC- Recommendations needed! (short sale/deedtransfer) [Re: CSmith99]
DueDiligence Offline
Major Contributor

Registered: 12/05/06
Posts: 1635
Loc: Wild Wild West
Originally Posted By: CSmith99

...something like 80% of foreclosures sell pre-auction. It is absolutely legal to buy a foreclosure prior to auction.


IF the attorneys want to work with you. The lienholder (plaintiff) may want the property to go to auction where they will "buy it back" by outbidding and it becomes an REO for which they believe they can recoup more $$ through an REO sale.

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