How New York Foreclosure Auctions Work

New York foreclosure auctions are, in most aspects

, similar to property auctions held in different areas of the U.S. However, there are some provisions in the state's foreclosure auction laws that differ from those of other states. Home buyers should study these differences and they should also familiarize themselves with the whole bidding process, particularly if they had never attended an auction before.

Thorough Research Is Needed

Before bidding for a property at a New York auction, a home buyer should first find out everything about the piece of real estate being sold. A personal visit to the property, accompanied by a professional home inspector, is a must. Everything about the house from the repairs to the task of getting occupants (if there are any) to vacate the premises is the responsibility of the winning bidder. So before deciding to bid, a buyer should first find out if he is up to the task of refurbishing the place and asking the present occupants to leave.

Winning the Bid

The winning bidder will be asked to provide a down payment for the property the moment the gavel goes down for the final time. In New York foreclosure auctions, ten percent of the highest bidding price for the property is the usual down payment. This should be paid in cash or in cashier's check.

The bidding itself usually starts with an opening price of $1,000 and continues on until the upset price of the homeowner or the seller is met. Bidders should take note that under state rules, if the upset or asking price of the seller is not met, the seller has the right to refuse the highest bid and take the house back. However, a bidder can get in touch with the seller or the seller's representative right after the auction and try to establish a modified term of the sale that will allow the bidder to acquire the property.

In case a winning bidder has been declared, this winning bidder will need to pay the down payment, the auction house service fees and other charges associated with the auction right before he leaves the venue. He will need to close the deal within the pre-agreed time, which in New York is the standard 30 days. Should he fail to do so, he would lose the property he won at these New York foreclosure auctions, along with his down payment.

by: Joseph B. Smith

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