Foreclosures

The realtor Malcolm who posts here quite often seems very knowledgeable about the foreclosure process. I'd start with his site:
http://malcolmcarter.wordpress.com/2010/07/29/citys-estate-auction-nets-1-355-million/

Once again, "foreclosures/short sales/Malcom" is a little too early to the party. We haven't even picked the wedding dress yet, much less the bride....

I don't actually pay, but I think propertyshark.com is a good website that is foreclosure-oriented.

Results of yesterday's foreclosure auction: http://malcolmcarter.wordpress.com/2010/08/19/auction-of-1br-uws-unit-doesnt-get-off-ground/

realtytrac.com is a very good resource for foreclosures

no it's not, realty trac is totally useless.

malcolmnc, I applaud you for featuring original blog content written (not merely rewritten) by yourself, and not merely rolling over the prevailing gossip and speculation that's out there -- as quite a few other brokers have done.

Alan, how nice of you to say that. Many thanks.

One is the luckiest number in city's estate auction yesterday: http://malcolmcartersblog.com/

The single bidder got the apt for $580,000 at 60 Sutton Place South. I assume there is a fee for auction house on top of that. Is it 10%? If so, this is not a very good deal. Similar one bedrooms are for sale in the same building at asking $605 - 625k. When you throw in the cost of door and window replacement required of auctioned apt -- and who knows if sale apts don't have the same requirement, but if they dont -- it seems it would be cheaper and easier to just buy directly in building.

No, apt23, there's no fee. The city is the auctioneer. Without seeing the comparable units, it's hard to say what value the winning bidder received. From the city's spiel at the auction, I do know that the apartment has only courtyard views and "average" light.

Most apts in the city auctions go back to the bank since the reserve price is not met. Also, take in mind that the overwhelming majority of foreclosures in NYC are in the ghetto.

The_President, I think you're mistaken about auctions conducted by the city's public administrator. The city basically inherits properties as beneficiaries of estates without wills. Generally, given the age that most people die, the properties are unburdened by a mortgage. So there's no bank. However, for the first time since I began attending the city's auctions, one apartment on Thursday was withdrawn because it had just been sold at a foreclosure auction. Whether other real estate goes back to a bank without ever being listed for auction by the city, I don't know. Given my ignorance of that situation, perhaps you are right after all.

Just to clarify, if there is no will-appointed executor, or if no one comes forward to act as personal representative, then the county's Surrogates Court appoints the Public Administrator to handle the estate. There're lawyers who monitor such things and will try to dig up relatives of the deceased. If any turn up, the Surrogates Court will hold a kinship hearing to determine whether there're relatives to inherit. If none, then the proceeds go to the state. If only, say, maternal relatives, then only half would go to the state.