Government & Institutional Sales FAQ: Questions New York Homeowners Ask
Hudson River Realtors | Referral Network Serving New York State
Can I sell my property before a tax foreclosure?
Yes — and you should. Selling preserves your equity. The sale proceeds pay the tax debt, and you keep the remainder. Act quickly, as the foreclosure timeline is strict.
What are my rights under eminent domain?
You have the right to just compensation (fair market value), an independent appraisal, legal representation, and the ability to challenge the taking or the offered price in court.
How do bank-owned properties affect my sale?
REO properties can lower comparable sales values in your area. Differentiate through condition, presentation, and marketing. Your agent can help appraisers distinguish your sale from distressed comparables.
What is a HUD home?
A property acquired by HUD after an FHA borrower defaults. HUD sells these through a specific bidding process via registered brokers. They often sell below market value.
How do estate sales through Public Administrator work?
The Public Administrator is appointed for estates without a will or known heirs. Sales require court approval and follow specific procedures that take longer than standard sales.
Can non-profits sell property?
Yes, but the process often requires board approval and compliance with organizational bylaws. Some non-profits face additional regulatory requirements depending on their tax-exempt status.
What if the government's offer for my property is too low?
You can negotiate, obtain your own appraisal, and if needed, challenge the compensation in court. Property owners who contest initial offers frequently receive significantly higher compensation.
How can Hudson River Realtors help with institutional sales?
We connect you with agents experienced in government and institutional property transactions — agents who understand the specific processes, timelines, and requirements. The referral is free.