Learn about Lancaster Ave in Montrose, NY
This single-family
property is available as a preforeclosure at Lancaster Ave.
Our team of real estate experts has conducted a thorough analysis of the current market conditions in Montrose, specifically for Lancaster Ave and comparable listings. Based on this expert analysis, the estimated market value is $564,440.
If purchased for rental purposes,
the monthly rental rate could range between $2,560 and $3,120, providing a solid return on investment.
Factors considered in this calculation include the property location, condition, status, and convenience, all assessed by our experienced professionals.
Properties like this one on Lancaster Ave are updated daily along with others in Montrose, 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 Lancaster Ave below to see detailed and helpful information about what stage of the foreclosure process this listing is in.
Property Information
Public Records
Preforeclosure
The property located at Lancaster Ave in Montrose, NY is listed as a Preforeclosure
This listing located at Lancaster Ave in Montrose, 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 Montrose, New York is not listed as a Rent-to-Own (RTO) opportunity. It is currently in an initial default stage in Montrose, 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 Montrose, 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.
Read more...
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.
Read less...
Legal Information
Credit Information Center
County Information
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Rental Value
The estimated rental value for
Lancaster Ave
located in Montrose, NY
is $2,840/month. Comparable homes around Lancaster Ave that are rentals have monthly ranges starting as low as $2,560 per month and as high as $3,120 per month. An owner looking to use this property as an investment could bring a return in the area of $2,560 - $3,120 a month based on the many factors which include the properties condition, type, amenities, etc. Sign in to view a full two years of rental information as well as the Average Market Value (AVM) of this property.
Listing History
Preforeclosure
12/03/25
-
-
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
Bankruptcy
02/24/25
-
11/19/25
Status:
Inactive
The property has entered bankruptcy protection. A court-appointed process may delay foreclosure or sale while debts are restructured.
Status:
Inactive
Preforeclosure
WEBSTER BANK NA
01/27/25
-
02/25/25
Status:
Inactive
Status:
Inactive
Preforeclosure
WEBSTER BANK, NATIONAL ASSOCIATION
01/23/25
-
02/25/25
Status:
Inactive
Status:
Inactive
Bankruptcy
07/19/24
-
12/19/24
Status:
Inactive
Status:
Inactive
Preforeclosure
WEBSTER BANK NA
07/02/24
-
07/30/24
Status:
Inactive
Status:
Inactive
Preforeclosure
WEBSTER BANK, NATIONAL ASSOCIATION
06/27/24
-
07/30/24
Status:
Inactive
Status:
Inactive
Bankruptcy
08/20/19
-
12/09/23
Status:
Inactive
Status:
Inactive
Similar Homes Nearby Montrose, NY
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