package. NY is an old common law title state. NY titles and all relevant document are not all in neat packages in one place as in some newer states where everything is neatly filed in a clerk's office for easy review. If the house is not yet foreclosed and sold, i.e. the foreclosure lawsuit is still in progress, then you get to bid in at an auction. In upstate counties, this is typically on the courthouse steps or thereabouts. There will be court filings at the Court Clerk's office which the public can review, and you can contact the referee appointed by the Court to conduct the sale to get terms and some information. If the house was already sold at the auction, then it was either purchased by a stranger who now owns it, or else the bank almost always will have bid in its outstanding debt owed plus all the expenses of doing the sale. If the latter, then the bank is becomes the fee title holder. The bank can thereafter freely elect so sell after the auction for any price the market will bear, in the ordinary manner as any seller, at its leisure. They can try to make a profit if they bid in less than market value. If the market value is less than what the bank was owed, then they take a bath. All information below from me stands. In the auction setting, you had better know what you are buying. After the auction, it is just an ordinary real estate transaction, with time to take ordinary precautions, but with a bank seller which likely does not want to remain in the real estate business for long.

If it is a tax foreclosure in NY, then there are multiple statutory mechanisms which counties can elect. Since it becomes county specific on many parameters, to include how and when the prior owner might redeem their interest, contacting local counsel is important.

Good hunting.
DER

posted by 72.227.1...

• OT - info wanted on buying a foreclosure, Dan in NY, Sun, 11 Dec 2005 11:51:59
  • BTW, you do not say who is selling since you, DER, Mon, 12 Dec 2005 21:41:38
    • Thanks, again, Dan in NY, Tue, 13 Dec 2005 10:13:26
  • Doubt all that info was NY procedure abt the title, DER, Mon, 12 Dec 2005 21:27:13 <-- Viewing This Message
  • Thanks {was OT - info wanted on buying a foreclosure}, Dan in NY, Mon, 12 Dec 2005 06:00:45
  • go to the assessors office in the county in which the.., baggsly , Sun, 11 Dec 2005 19:56:37
    • sorry, should have said cali. this county records go.., baggsly , Tue, 13 Dec 2005 10:05:19
  • Re: OT - info wanted on buying a foreclosure, Rafe, Sun, 11 Dec 2005 19:45:35
  • House is a huge purchase, and a thereby a huge risk., DER, Sun, 11 Dec 2005 17:50:49
  • Just go to the bank..., BillZ, Sun, 11 Dec 2005 12:39:30
    • Re: Just go to the bank..., Dan in NY, Sun, 11 Dec 2005 14:48:35
      • Re: Just go to the bank..., BillZ, Sun, 11 Dec 2005 15:02:07
  • Re: OT - info wanted on buying a foreclosure, GM, Sun, 11 Dec 2005 12:08:57

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