QUIG checks in: “The other day, I stumbled upon this listing:
SUPREME COURT — KINGS COUNTY … AL’S REAL ESTATE, INC., plaintiff, against MAURICE GIBSON, et al, Defendants … foreclosure and sale … I will sell, at public auction, to the highest bidder … on April 7, 2005, at 3:00 p.m. … 951 Pacific Street, Brooklyn … Judgment is for $183,526.00 …
“Auction? Real Estate? P_heights? It was a Tom Vu moment. What castle could be picked up for pennies on the Euro? I decided to investigate while walking my dogs, Monster 1 and 2. What I came upon was this vision in galvanized steel and cinderblock: What could be hidden behind those walls?”
These auctions happen all the time at 360 Adams Street in downtown brooklyn. You can subscribe to the listings if you want and get a weekly flyer of all the properties. This is not the best way of buying real estate. Most properties have leins you must pay off and they are in very bad condition. Also it is rare to find one in a good neighborhood. If it is of any value bidding is fierce. These autions are so crowded they do them on the steps outside the building. You must also have a check for a down payment if you win the bid. You must then secure financing to buy the property within a couple of months. Banks may be wary of these properties and you will have a hard time getting a loan.
Do an internet search on foreclosures to get info on how to subscribe for listings…yes you must pay for it. The city has yearly auctions for properties left to the state when no heir can claim the property. These houses are usually looted by the city first and its contents auctioned off. The city also sells each year at auction Odd Lots and Lots. These are empty lots and sometimes partial lots. I have seen lots 2 feet wide by 100 foot deep. They are lots that exist between buildings that no one owns.
Good luck
Tom
Tom, that’s an amazing and eye-opening post. Thanks for sharing the info.