In NYC, you must have an attorney to navigate the "Terms of Sale," which are non-negotiable at auctions. 3. Locate Properties
If a property doesn't sell at auction, the bank takes ownership. Buying from the bank (REO) is generally safer than an auction, as they may clear liens, but the price is usually closer to market value. 2. Prepare Your Finances & Team buying foreclosed homes in nyc
You will absolutely need pre-approval for a mortgage if buying REO, or, more likely, you will need to have cash readily available to buy at auction. In NYC, you must have an attorney to
Find a real estate professional who specializes in distressed properties and understands NYC auction rules. as they may clear liens