Off Market Bronx Properties from auction in the following neighborhoods around South and East Bronx
After properties are foreclosed on by a bank or lending institution, they are put up for auction for the public. The majority of these properties are not good investments, often times the bank will bid on the total debt or other investors will overbid on the property. However we will sometimes find property opportunities that are undervalued
We complete our due diligence on the properties going up for auction in our target neighborhoods and attend the auctions seeking undervalued assets.
After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default. At the County Recorder’s Office. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off.
If the default isn’t corrected (the loan must be brought current) within three months, a foreclosure sale date is established. The homeowner will receive a Notice of Sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the County Recorder’s Office in the county where the property is located. Finally, this Notice of Sale is also published in newspapers local to the county in question over a three-week period.
At the trustee sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours. The winner of the auction will then receive the trustee’s deed to the property.
At auction, an opening bid on the property is set by the foreclosing lender. This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the trustee sale. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender.
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Due Diligence and Advisory Services