Learn about Bardwell Mills Rd in Remsen, NY
This mobile home
property is available as a preforeclosure at Bardwell Mills Rd.
Our team of real estate experts has conducted a thorough analysis of the current market conditions in Remsen, specifically for Bardwell Mills Rd and comparable listings. Based on this expert analysis, the estimated market value is still being calculated.
If purchased for rental purposes, this property might present an opportunity to make monthly rental income. The rental value will be updated on this listing soon.
Factors considered in this calculation include the property location, condition, status, and convenience, all assessed by our experienced professionals.
Properties like this one on Bardwell Mills Rd are updated daily along with others in Remsen, New York, ensuring you have the most current and accurate information.
Since this property is a preforeclosure, be sure to check out our Foreclosure Timeline for Bardwell Mills Rd below to see detailed and helpful information about what stage of the foreclosure process this listing is in.
Property Information
Preforeclosure
The property located at Bardwell Mills Rd in Remsen, NY is listed as a Preforeclosure
This listing located at Bardwell Mills Rd in Remsen, NY could be available as a Rent-to-Own listing as well, additional diligence will be required from the buyer to determine if this listing can be approved as a RTO.
Please take note that this property in Remsen, New York is not listed as a Rent-to-Own (RTO) opportunity. It is currently in an initial default stage in Remsen, NY, commonly referred to as Pre-Foreclosure, indicating that the homeowner has missed at least one payment and is considered delinquent. However, instead of going through a potentially lengthy foreclosure process, which could take up to 18 months, the homeowner may be open to considering a Rent-to-Own option that covers their mortgage.
Since Pre-Foreclosure properties are not formally listed for sale, there is no asking price available. Instead, you’ll find either the original loan balance or an Estimated Market Value (EMV) provided. To make a reasonable offer for this home, it’s advisable to use either the loan balance or EMV amount in conjunction with local sale price comparables to determine an appropriate offer. Alternatively, the homeowner might be willing to work with you on a monthly amount that can help them avoid the foreclosure process.
You may also want to check with a real estate attorney or other legal authority to discuss the potential risks of executing a Rent-to-Own agreement with the current Pre-foreclosure owner. If the current owner in Remsen, New York doesn't make their mortgage payments, they could lose the property which would directly affect you and your Rent-to-Own agreement.
For this reason, many buyers find a real estate investor or investment company to buy a Pre-Foreclosure property from the current owner. The investor/investment company could then offer you a Rent-to-Own agreement on that property that you worked out with them in advance, which could stabilize the investment and prevent complications.
This is an important legal concept to understand before moving forward
First Steps to Buying a Preforeclosure
Preforeclosure status means the owner of the property has defaulted on his mortgage obligation
and the lender is taking steps to foreclose on the loan and take possession of the property.
This situation places the property owner and the lender in a disadvantaged position. But it may
not be too late for the property owner to work things out with his lender. At the same time the
lender may be interested in allowing a short sale (sale of the property for less than the amount
owed) just to avoid the costly process of foreclosure on the loan, and then the expense of
marketing the property. That leaves open the opportunity for a real estate investor to come in
and solve the problem for both parties.
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Steps as you search for your pre-foreclosure property:
- Contact the current owner of the property to discuss the terms that might be acceptable.
If the property is already listed with a Realtor, contact that broker to get specifics
as to the asking price of the property, its condition, and the willingness of the seller
or lender to negotiate a short sale.
- Schedule a visit to the property so you can see for yourself what condition it is in.
Drive around the area to make certain it is a community that is right for you. (Please
keep in mind that the owner may still be living in the property and their privacy should
be respected).
- Have a qualified appraiser or real estate professional supply a valuation. Money spent
on a real estate appraisal in such circumstances is money well spent.
- Have an attorney or title company search the title to the property noting any other
liens, restrictions, or encumbrances that may exist.
- Have your financing lined up so that you know you will be in a position to close when
settlement time arrives.
- Present an offer to the seller. If your offer is less than the amount of the debt on the
property, ask the owner to present your offer to his lender.
Property owners and lenders are both in awkward positions when a loan goes into default. The
property owner would like to avoid the foreclosure as it will have very negative
consequences for his credit, and can severely limit his chances to obtain credit for a long
time into the future. The lender knows it will probably be taking a loss because, if the
property was worth the debt on it, the owner probably would have already sold it to avoid
the foreclosure. Short sales are very common in pre-foreclosure situations and this leaves
the door open for opportunities for you as the lucky real estate investor.
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Loan Information
Legal Information
Credit Information Center
County Information
Document Center
Listing History
Preforeclosure
FIRST SOURCE FCU
10/29/25
-
-
Present
Status:
Active
The owner is behind on payments and has entered preforeclosure. It may still be possible to avoid foreclosure or sell early.
Status:
Active
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