Paddy Pizappi PineBush & Hudson Valley NY Real Estate

What was true a year and a half ago is still true today. Foreclosures can be a good investment for some but it is buyer beware. Make sure you know what you are getting into before you sign on the dotted line.

I have had a lot of requests lately for "foreclosure listings". I know that there is a lot of news about how many people are in trouble with mortgages that are adjusting up to amounts they can't afford. Many of my buyer clients feel that they can get a real deal from a foreclosure. There are a few things to consider prior to buying a house that has been in foreclosure.

First, more often than not, the bank has bought back the foreclosure and has it listed at the going rate for houses that are comparable. They are not going to give away a home because it is worth more than the loan that was defaulted on. Another thing to think about is that many of these homes currently reaching the foreclosure market are worth less than the borrower owed to the bank due to the borrower having taking $ for closing costs and financing as much as 106% of the homes value at the time of purchase.

You must also consider that the people who owned this house and went into foreclosure have been in a very depressed state for a long time before the bank finally got them out of the house. Some of them are going through other personal and financial difficulties and none of them is taking care of the house the way it should be taken care of. Unless you are ready to work on a "fixer upper" you may not be the right buyer for such a property.

Another issue that I have seen a lot of in making offers on bank owned properties is that the process is slow, often someone at a distant location is handling the file and it can take a long time to get a response on an offer. Bidding wars also abound on these properties. Buying a home is stressful enough without adding to the stress by dealing with a corporate nightmare.

These properties are sold in "as is" condition and, in New York at least, there is no requirement for a property condition disclosure. It is difficult to know what lurks behind the walls or what is missing in some cases. Many defaulting owners will strip what they can from the house before they are evicted.

So yes you can sometimes get somewhat of a bargain on some foreclosures but more often than not you are just opening yourself up to a headache.

If you are looking for a home and want an agent who will look out for your best interests just let me know.

For Further Information 845-786-2701

The Greater Hudson Valley is a great place to live or to have a weekend place. If you would like to start a search for a permanent residence or vacation home in the area I would love to help you. Working with an experienced buyer's agent can help you to choose what is best for you. I work in Orange, Ulster, or Sullivan County NY and I would love to be your Buyer's Agent. If you are looking elsewhere I would love to find someone in your chosen location to help you. Give me a call or send an email today.

Want to know what price houses are selling for in the towns that make up the Minisink Valley Central School District? During the month of October there were 14 homes that sold within the towns that make up the District. The selling prices on single family residential houses ranged from $90,000 to $433,000. The median of the data available shows us that homes are selling at close to 95% of the listing price at the time of sale. This tells us that homeowners are listing the houses that are selling at very close to market value. If you are out there looking at homes this is important for you to know. This is also something you will not learn from the listing agent or the homeowner trying to sell his home on his own.

It is important for you as a Real Estate Buyer to determine the value of a property you are interested in. Working with a Buyer's Representative gives you the upper hand in negotiations because they will prepare an analysis of the property you want to make an offer on using the most current data available. They can help you to determine a realistic negotiating strategy and help avoid mistakenly offering more than a property will appraise for.

The Minisink Valley Central School District encompasses 115 square miles and is one of the largest school districts in the southern tier of New York State. It is located in Orange County about 70 miles from New York City with New Jersey to the south and Pennsylvania to the west.

I work as a Buyer's Representative in Minisink Valley Central School District the and surrounding areas. I would love to help you find and purchase the right home for you at the right price for this market. If you are looking here text, call, or email me today. I can also find you an excellent Buyer Representative anywhere else you may be looking.

Want to know what price houses are selling for in Middletown? During the month of October there were 22 homes that sold within the Middletown City School District. The selling prices on single family residential houses ranged from $82,000 to $366,000. The median of the data available shows us that homes are selling at close to 100% of the listing price at the time of sale. This tells us that homeowners are listing the houses that are selling at very close to market value. If you are out there looking at homes this is important for you to know. This is also something you will not learn from the listing agent or the homeowner trying to sell his home on his own.

It is important for you as a Real Estate Buyer to determine the value of a property you are interested in. Working with a Buyer's Representative gives you the upper hand in negotiations because they will prepare an analysis of the property you want to make an offer on using the most current data available. They can help you to determine a realistic negotiating strategy and help avoid mistakenly offering more than a property will appraise for.

The Middletown City School District has recently added a world class outdoor Barnitz Stadium with state of the art facilities for athletes. They district has many programs available for students of varied interests.

I work as a Buyer's Representative in the Middletown City School District and surrounding areas. I would love to help you find and purchase the right home for you at the right price for this market. If you are looking here text, call, or email me today. I can also find you an excellent Buyer Representative anywhere else you may be looking.