The home is sold by a court-appointed referee to the highest bidder. This is the fastest route but is usually "as-is" and often requires a cash purchase on the spot.
Find a real estate professional who specializes in distressed properties and understands NYC auction rules. buying foreclosed homes in nyc
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 The home is sold by a court-appointed referee
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. as they may clear liens