Brooklyn Real Estate Q&A and Info

Buying a foreclosure in Brooklyn New York is a great way to get a property at a very low price, but there are some things to keep in mind.

1. There are times when the property will be in move in condition, but its more likely that the property will need a lot of work.  Often times the plumbing, appliances and kitchen cabinets will have been removed, water damage and mold may be present, and the heating and electrical systems may need to be replaced especially if the property has been empty for a while. 
2. There are times when the bank that owns the property requires cash only, meaning that you cannot take out a mortgage on the property.
3. You, the buyer, will be required to pay all transfer taxes and document stamps, which in a non-foreclosure sale are usually paid by the seller.  New York City transfer taxes are 1% of the selling price of the property up to $500,000 and 1.425% for more then $500,000.    New York State Document Stamp taxes are $4 per $1,000 of the selling price.
4. When you put in an offer on a foreclosed property, it takes a long time, sometimes over a week, before the bank indicates whether the offer is accepted or not.   

If you are interested in buying a foreclosure, feel free to give me a call, my numbers below.