Where can I get the most up-to-date information about New York foreclosure sales?
The Property Details Page contains relevant information. You can contact the County or the Referee directly for more information. On the Property Details Page, you’ll find their contact information.
These FAQs are offered solely for educational and informational purposes, and are not intended to replace professional advice, whether legal, real estate, or otherwise. The presented information is subject to change. To fully understand the foreclosure process and foreclosure sales, prospective bidders should seek professional advice and carefully review the County or Referee’s Terms of Sale, as well as contact the County or Referee.
What is the procedure for a foreclosure sale in New York?
In New York, it’s common to appoint a referee to act as the Foreclosure Sales Agent (typically an attorney who ultimately conducts the foreclosure sale). The court will then order that a Notice of Sale be published in the newspaper and that the property be sold at auction by the referee. For more information, please refer to the published Notice of Sale. A public auction is held for a foreclosure sale, which is open to all bidders. At the event, the property is either sold to a third-party bidder or to the beneficiaries (Mortgagee, Bank or Lender). To obtain a copy of the bidding regulations and to thoroughly evaluate the sale process, please contact the appropriate County or Referee.
When and where do foreclosure auctions take place?
Foreclosure sales take place at different times and locations depending on the county. Please see the Property Details Page for that information, which can be found under the second titled event details.
What should I bring to the foreclosure auction?
Typically, a 10% deposit is requested at the time of the sale, which can be paid in cash or by certified check. Some payment methods may not be accepted. A certified check made out to the Referee named on the Notice of Sale is usually required. For specific payment requirements, refer to the appropriate publication and terms of sale. For additional details, go to the Property Details Page.
What if a Property is canceled or rescheduled?
A property’s sale may be canceled or postponed for a variety of reasons prior to the commencement of bidding at the auction. There is no certainty that a certain Property will be put up for sale. For detailed details, please refer to any foreclosure notices or contact the County or Referee directly.
Will the property be free of all liens and encumbrances?
No, most of the time. Many homes will be offered “as is, where is,” with all flaws and restrictions. All potential bidders are encouraged to undertake their own due diligence and research on all aspects of the Properties they are interested in purchasing. Prior to the sale, it is recommended that you seek independent guidance to complete your due diligence and gain a thorough understanding of the foreclosure process and foreclosure sales in general. Prior to the transaction, you must do a title search and seek any necessary guidance from counsel. For specific property and title information, please visit the appropriate County website or contact the County or Referee directly.
Is it possible for me to inspect the property?
No, because these properties are occupied, potential bidders are not permitted to intrude on the property, disturb the tenants, or contact the borrowers for information on the property.
Will a deed of sale be sent to me?
In most cases, the winning bidder will obtain a deed after the sale is completed and all money have been paid. For specific deed information, please visit the appropriate County page or contact the County or Referee directly. A winning bidder must arrange for a closing with a referee, after which the sale will be completed and a deed will be provided.
Is there a foreclosure redemption period in New York?
No, most of the time. For specific details on any possible redemption period imposed in New York, please consult your real estate counsel or the County or Referee.