Fun Fact: As of today, October 2, 2017, there are 666 foreclosed/bank-owned/up-for-auction residences on the market in Dutchess County according to Trulia.com. Biblical numerology aside, that’s a lot of homes waiting for someone with cash to scoop them up…and that’s just Dutchess County. Move your search west-of-Hudson to Ulster County, and there are 435 foreclosed homes. Orange County: 172. Putnam County: 166. Sharp decreases show in the rest of the the Hudson Valley and Catskills, but you get the idea.
Now, couple those foreclosures with the amount of five-figure properties on the market (as of 10/2/17: Sullivan County 331 five-figure single-family residences listed; Delaware County 180; Orange County 173; Ulster County 152; Greene County 108), and you’ve got thousands of properties in the Hudson Valley/Catskills that broke folk who dream of homeownership – like us – might actually have a shot at it one day.
Navigating foreclosures/bank-owned properties can be tricky. Not sure how to start? Our recommendation is to find a local real estate agent who specializes in foreclosures, short sales, auctions, real estate owned (REO), and government-owned properties, like Hudson Valley Real Estate. And, start collecting the coins from your car seats and cash in your bottle deposits because cash helps…but it’s not necessary! That’s right. According to Wells Fargo, 60% of foreclosed properties are financed. Just because you don’t have five-figures saved up doesn’t mean you can’t buy a foreclosure.
So, fellow broke dreamers: This one’s for you. This week on Upstater, join us as we find the best of the best Hudson Valley five figures & foreclosures currently on the market. Stay tuned…
SUNY New Paltz