A real estate agent in Albany is working with a client interested in purchasing a property at a New York foreclosure auction. What should the agent advise the client about payment requirements at the foreclosure sale?
Correct Answer
B) A deposit is required at sale with the balance due within 30 days
At New York foreclosure sales, successful bidders typically must make a deposit (usually 10% of the bid) at the time of sale, with the balance due within a specified period (commonly 30 days). The exact terms are specified in the foreclosure judgment and sale notice.
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Related Topics & Key Terms
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Related Concepts
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
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