NY Times article dated March 6, 2014 about financing for foreclosed homes. So I go to Fannie Mae’s HomePath website to search for listings. No price limits, give me at least 2 bathrooms, anywhere in Kings County: 1 result.
144 Linwood St in Cypress Hills
Actually this one is already under contract. A search for anything in Brooklyn (Kings County) gives me 12 results, of which 6 are under contract. Linwood is the only multifamily, there’s one single family home, and the rest are apartments.
The other 4 boroughs:
- 3 in Manhattan (including 2 under contract)
- 10 in Staten Island (7 under contract)
- 14 in the Bronx (5 under contract)
- 31 in Queens (21 under contract)
There’s obviously more than 70 current foreclosures in all of New York City.
The HomePath program facilitates the financing, but the article cautions that buyers don’t necessarily get great prices on the property, and a thorough inspection is necessary since there are no guarantees about the condition. Of course watch out for Sandy damaged homes, some of the properties appear to be in flood risk areas that were likely affected.