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Many Houses in B'klyn foreclosed?



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Mevater




 
 
    
 

Post Tue, Feb 13 2007, 1:12 pm
I read in the news that many houses all over B'klyn are getting foreclosed. It's understood that this means benefiting from another's misfortune, but these houses DO get bought by others.

Can someone who knows nothing about real estate become knowledgable enough to get a good deal? How do you go about it? Does anyone have any experience with buying foreclosed houses? Usually, how much less than market value do these houses go for? What's the best way to get a list of the houses in any area?
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chocolate moose




 
 
    
 

Post Tue, Feb 13 2007, 2:44 pm
It CAN be a great deal, unles the bank has tacked onto the cost many of their fees.
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brooklyn




 
 
    
 

Post Tue, Feb 13 2007, 2:53 pm
It also depends on what the outstanding mortgage is. The bank will not lose any money. Many people lost their homes because they took out all the equity on the home and had really high mortgages with adjustable rates and when interest rates went up they got burned.
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