Bank Owned Real Estate in New York

New York bank charters require a certain amount of solvency be maintained in an effort not to weight a New York banks liability too heavily in New York. The loss-mitigation division of a New York bank is motivated to move non-performing assets out of the New York bank. During foreclosure if there are no buyers of the New York real estate property the New York property reverts to the New York bank and is offered for sale through their REO division. Many New York banks will negotiate down the payoff (a short sale) in an effort to move the asset allowing profitability for the investor due to purchasing at a discount to market value. This process again allows for clean transfer with limited risk as inspection of the New York real estate property can be conducted prior to purchase.

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