Kentucky requires that an appraisal of the property be conducted. If the highest bid price at the foreclosure happens to be less than two thirds of the appraised value of the home owner is given a 12 month right of redemption. This means that they have twelve months following the sale to come up with the sale price the home was sold for plus interest. If they choose to do this and if they can pay that much money in that given twelve months, then they can regain ownership of the home. If, in this state, the homeowner was personally served with a lawsuit or failed to answer the lawsuit, then deficiency judgment may be sought by the bank. Deficiency judgments are rarely sought in such cases. If the former home owner does have other assets or property which could be used to pay this deficiency, the bank will pursue this avenue if it can.

In the typical foreclosure used in this state, the 1st step is that the bank’s lawyer files a complaint along with a notice of pending action called a “Lis Pendens” This is simply a public announcement of the bank’s intention to sell the home. Next, the sheriff of the county in which the home is located will deliver the notice of pending action to the homeowner. Then, this person is given twenty days to respond to this notice. If the homeowner does not respond to this notice, the bank will request that the court make a ruling in the case.

The sale typically occurs one month after the court has ruled against the homeowner. A notice of sale must be advertised or published in a local newspaper with circulation in the county where the home is located. This ad or notice must contain the place and terms of the sale along with the date it will be held. This ad must be run once a week for three weeks leading up to the scheduled sale date.

Most all foreclosure sales in this state are held at the courthouse of the county in which the home is located. The sale is conducted by a court official. This person’s title is the master commissioner. The sale is held auction style, with the home being awarded to the highest bidder at the sale. This winning bidder needs to either pay the amount bid in cash or post a bond to pay in installments. After the sale is complete, a motion to confirm the sale is by the court. Following this hearing, the deed is prepared and presented to the clerk of the court.

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Anyone who’s looking to buy real estate in New York has to know how to find the best deals, especially in today’s shaky market. With property values falling, the future of the housing market looking unstable, and the impending threat of an economic recession, making a big investment in a new home can be a worrisome proposition. But there are ways out there to ensure good values despite these factors, and one of the best options for this is New York foreclosure listings.

While most people are familiar with buying homes through real estate agents, New York foreclosure listings are bought from mortgage lenders at public auction. Anyone can learn this process, as it isn’t difficult. And best of all, since they are sold as repossessions, most properties bought through New York foreclosure listings can be purchased for anywhere from 10 to 50% below what they are actually worth. This presents the opportunity to buy at below market values, which ensures a great investment instantly. Even if the market continues to stay at a low level, you’ve actually got equity already built simply by buying for a discount.

And the market for New York foreclosure listings is incredible right now. With thousands of properties currently in foreclosure across the state, and many more predicted to become available during 2008, it’s a great time to find values. There are all sorts of great locations to buy as well, as the high foreclosure rates in New York City, Albany and Buffalo are all bringing lots of new properties onto the market all the time. A good way to get started is to search New York foreclosure listings with a good listings service.