Finding Foreclosed Homes for Sale on Long Island, East End & North Fork

January 14th, 2009 category: East End LI Foreclosures

For free.

That seems to be a legitimate question on the mind of value seeking homebuyers, and why shouldn’t it be?

“Regular” properties can be found in abundance on both local and regional mls’s; but to find a compilation of FORECLOSURES (particularly on the east end of Long Island- North Fork and Hamptons), the endeavor is more challenging.

After paying for Propertyshark.com , but discovering that (AT THAT TIME- I’LL RECHECK) their coverage area didn’t quite extend itself to our area on the eastern tip of Long Island, they graciously returned the payment for monitoring. If they’re out here now, a class act worth subscribing to- if they’re out here now, we will.

RealtyTrac, another huge foreclosure site, also didn’t offer the most current conditions on the east end of Long Island for foreclosures, although they are a huge go-to for good information, and worth the subscription (except we don’t, because we want daily updates).

There are several conduits to available properties. Wells Fargo participates in foreclosure.com, and as a player in foreclosures, this service provides alerts for properties (and automatic entry from the listing REO broker). We subscribe, because Wells Fargo has some lis pendens up there with other companies (**see below- the real estate report). It’s another paid service.

Work with a list of bank websites, and you’ll be directed to their inventory of homes for sale.

There are several companies that specialize in bank-owned only - visible is the status of their inventory. Some indicate “eviction”, which means that a property is upcoming, but not available. We keep an eye on those, watching for companies of substance popping up with foreclosed listings.

MLS’s include bank owned, and the description at the top of the listing is easily identified.

**We subscribe to a lis pendens list, the Long Island Real Estate Report, and they provide “lis penden” reports- properties for whom the bank has served notice of intent to foreclose (usually after three missed payments to the mortgage company).**

To get more specific sites that are free, or for any information, fill out the form below with your questions/comments. We’ve been monitoring the area for a few years, and have learned how to find properties coming, and available. If you’re looking for a foreclosure on any part of Long Island, we’ll help you find it.

Were there a more simple way to disseminate the foreclosure properties to those interested in buying them, we’d offer it. Unfortunately, for now, it’s a bit of hide and seek (and we’ve gotten good at it). Hopefully, the search for foreclosure opportunities will end soon, and the mlsli with regular offerings will return.

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This entry was posted on Wednesday, January 14th, 2009 at 12:10 am and is filed under East End LI Foreclosures. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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