Foreclosure information has to be accurate for any savvy investor in the business, and getting your hands on comprehensive data fast is a must if you’re short on time. With PropertyShark’s NYC foreclosure tool, you no longer need to go to the local courthouse and dig through the paperwork yourself or scan dozens of publications to make sure you don’t miss out on foreclosure opportunities. All you need to do is use our full online service that covers 100% of New York City foreclosures and includes daily updates.
Foreclosure listings cover the parties involved, the lien amount, auction date, time & location and additional key information for each listed property. Every listing is also linked to a property report detailing the characteristics and history of the property.
In the following paragraphs, you will find out how to use this tool to help you identify properties of interest and to ensure you never miss an auction:
- filter available listings and identify a foreclosure that might be worth investing in
- save previously seen listings, print them, or put them on your watch list
- look for auction details on each listing and learn the outcome of an auction
Close-In On Interesting Foreclosures
The most straightforward way to find out what’s new in the foreclosure market is to browse available listings. Whether you are interested in a specific area or type of property or want to check the latest listings, you can fine-tune the searching process and use as many filters as you need to match your expertise and investment strategy.
Filter by Location
When you go to PropertyShark and select the Foreclosure Auctions tab, the menu on the left will guide your search; you can narrow your search to a borough or neighborhood, or use the Locations by map link to pop-up a map of NYC where you can select as many boroughs and neighborhoods as you’d seem fit.
Filter by Building Type & Property Characteristics
The building class filter lets you be very specific in your search. Use the drop-down menu at the bottom of the search menu to select from available property choices, or type in the building class code you are interested in.
Property characteristics can also provide means to further filter your search. Type in your minimum and/or maximum limits for any criteria in order to broaden your search, including number of stories, square footage, year renovated and press the search button.
Filter by Auction Details
Another approach that can be used independently or in conjunction with the other filters is to set conditions regarding the auction, specifically, if it’s a first date or postponed auction. You can also set a range on the lien amount.
Organize your Search Results
There are several quick options for each listing to help you organize your search and not lose sight of the properties you looked at.
Once you have your results, you can print selected listings: just click the Select for printing check-box in the top right corner of the listing—after your selection, press the print button at the top of the page.
You can also export them as PDF or Excel to use on your computer, following the same procedure. This is the easiest, fastest way to bring your research with you to the auction.
As you look at the listings that match your criteria and find interesting prospects, be sure to add them to your watch list, to make it easier for you to circle back to them later. Putting a foreclosure on your watch list means you will automatically get email notifications whenever important developments take place: whether the property gets sold, listed again or if a new auction date is set for it.
You can leave notes directly in the pop-up window, and see your notes at the top of the property report any time you visit it.
If you have limited time to participate in auctions, you can use the calendar feature in order to see which of the listings will take place on any given dates over the following 30 days. Click the Calendar button and then select the day(s) when you will have time to go to auctions.
You can also access comparables without leaving the foreclosures page and running a new search. In addition, you can view a map of the listings if you click on one of the borough names at the bottom of the menu (the borough names are located just above the blue search button).
What Info Can You Find on a Foreclosure Listing?
- the address, a short description of the property and one or more pictures
- the auction information: when and where it will take place
- who put the foreclosure on the market and when
- the former owner
- contact information for the attorney involved
You may wish to call the plaintiff’s attorney to find out whether an auction will be postponed or to get any further information on the property.
If you need more information about the property, click on the address and open up the full property report.
See Auction Results Without Actually Attending
In the adjacent tab called Auction results, we gather data about auctions that have already taken place, by actually participating in the proceedings. For new & returning investors, this is a great way to learn about the foreclosure market: what kind of properties fly off the shelf and for what price, how much higher than the starting bid do other investors go, and so on. Observing these patterns will tell you what you can expect to see when attending an auction.
This is also the quickest way to find out about a new REO on the market, before the bank starts advertising it as such. If the winning bid in an auction is lower than the upset price, it means the property stayed with the bank and will probably soon be available to buy. Since these are by far the least risky distressed properties to invest in, it might be worth a call to the bank to check their asking price, before other investors beat you to it.
As mentioned above, once you set your eyes on a few properties that look promising, it is essential to follow through with careful research on market value, liens history, ownership and property details before you make any business decision. Look for our next “How to…” post to find out all about the research process and due diligence before taking the plunge into foreclosure investments.
The Foreclosure tool described above is available to subscribers holding an Elite or Platinum membership. All other users will have significantly restricted access to the data and features presented in this article.
If you have any questions about using our tools, our Customer Support professionals are available to assist you with any inquiries, 7 days a week from 9 am to 5 pm ET at 718-715-1758 or [email protected]