Buying First Preforclosure In Ny Any Laws I Should Know?
I am about to buy my first property that is going into forclosure in upstate ny. I plan on buying many more, my friend works at a huge sub-prime lender. The mortgage payoff is approx 37k value is 70k. I am buying house from him for 43k. I am approved for financing and getting ready to move, is there anything i am missing?
Thank you in advance,
Brett
Those are good numbers; good find! You'll need title search/insurance, your lender probably requires that though. Any evidence that seller could be in, or considering bankruptcy? Could make it messy. If married/divorced, make sure all spouses sign at least quit claim deed. Probably worthwhile to pay a lawyer to help with the first couple you do. Consider using some of the CYA forms suggested in this forum (do a search "CYA" to find some; cover your ***), but any good lawyer should be able to help there too. Review any books or study materials for other possible complications, and once you get the deed, record it ASAP, just in case your seller is double dealing.