New York Foreclosures and Foreclosed Homes for Sale

If you are interested in purchasing a foreclosure in the state of New York, it is essential to involve a licensed real estate agent. The foreclosure procedure takes longer in New York than in most states, and it is imperative to fully understand both the process and the timeline in order to have a successful purchase. This is why it is necessary to consult with a real estate agent who will be better able to guide you through the purchase of a foreclosed property.

New York law requires foreclosure sales to be approved by a court. The initial process begins when the lender files a lawsuit against the borrower for the amount in default. This requires the borrower to appear before the court to explain their circumstances. In many cases, the notice that a lawsuit has been filed is the first indication homeowners have that foreclosure proceedings have begun, as lenders are not required to notify them beforehand.

If the borrower fails to appear in court, the court will usually allow the sale of the property to proceed. However, if the borrower does show up, the court must rule whether the home may be foreclosed on and sold at auction. Due to the necessity of the court's involvement, this process can take up to nine months.

After the court rules in favor of the lender, the home is put up for auction. However, the scheduled date of auction must be at least four months after the court ruling. After the home is sold, the buyer must pay 10 percent of the winning bid on the day of the auction. The rest of the money must be presented within 30 days of the end of the auction. Because of these time constraints and judicial processes, it is very beneficial to have an experienced professional to answer any questions you may have regarding the purchase.

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