New York Foreclosure Homes are Open to the Public

Published on June 23rd, 2009.

The great thing about New York foreclosure homes is that these auction events are open to the public. There are many myths that people believe about these auctions. Many people think that they cannot attend the auctions or be a part of them unless they are an agent or affiliated in some way into the real estate professional world. This is not the case.

Auctions that sell foreclosure homes are open to the public. Anyone can come and see the houses that are available to bid on and anyone can bid on the houses. You do not have to be an agent and you do not need any special card or affiliation with a group. People from off of the street can come to an auction anytime and register to bid on a house. The great thing is that you really can get a home for an amazing price. The public is not stuck looking at the high priced houses on the MLS listings but instead they have the ability to bid on auctioned houses at 40% off the market value.

Auctions are open to anyone that has a down payment and the ability to buy. New York properties in foreclosures are going for extremely low prices right now on the market. The amazing thing is that all you need is a down payment to be able to bid. Most auction houses require a minimum of 10%. Some may ask for only 5% whiles others require more. Before you do arrive to a public home auction and intend to bid on a house be sure you have the funds to place for a down payment. Many auctions require you to give them the deposit before you even go through the bidding process. If you do not win a house through a bid they will give it back. This is their way of avoiding having bidders that cannot afford the house but drive up the price.

When you attend auctions for New York foreclosures homes you should be prequalified. This is the best way to do it because it can speed up the process. Some auctions actually require the prequalification letter right up front while others require you to get qualified within 30 days after you win the property. The prequalification letter tells the auctioneer how much money you are allowed to qualify for. This way you cannot bid on houses that are out of your financial capabilities.

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