Foreclosures

there are none.

Alpine is right. It has something to do with the legalities of titles in this state; most people seem to be able to work out short sales or other options before it gets to that point. Search the discussion boards and you'll find posts on this topic.

actally, the main reason there are no foreclosures is because of co-op boards.

Sure, in co-ops. But how about condos? Co-op boards hardly preclude those.

I've been seeing some Manhattan foreclosure notices in the Observer and in NY Law Journal. Used to be none, now a few. All in not-so-good neighborhoods.

yes, there are foreclosures in condos, b as NWT has staed, they are in bad areas. Most foreclsures are north of 100th street.

yep. there were many already in the bronx and queens last year. now they are showing up in uptown manhattan. it is expected for weaker areas to fall faster as those homeowners tend to have smaller cushions to fall back on.

what happens with these when they are auctioned -- I assume the new owner has to evict the existing owner and/or tenant?
Or does the bank do that before the foreclosure auction?
seems like an onerous process if the new owner has to do it

i think more common is for tenants to be the ones living there (if somebody is living there at all). another risk is that if the holder of the mtg that was foreclosed on can demonstrate fraud on the mtg, your winning bid at the auction has no value. so it's very tricky given how rampant fraud was.

So how exactly does this process work. Let us say that you buy a foreclosed 3 family building at auction. The existing owner + 2 tenants are still in there. Do you file 3 separate eviction actions? What if they destroy everythnig on the way out? Must come with significant legal fees + I recall a NYT article that there were groups formed to resist foreclosure evictions through civil disobedience.
Sounds like a tough way to acquire a property
Makes me think of the commercials of the Repoman movie -- never saw it but looked gruesome.

DO NOT buy a foreclosed house a auction. It is not for amateurs. At auction, you will be competiting against professional investors. Plus you canot use a motgage to buy at auction. You need cash.