How to find distressed properties on Long Island before they hit the market
The short answer
On Long Island, distress shows up in public records months before a listing: a foreclosure filing and its notice of pendency, unpaid property taxes, and owners with high equity who live elsewhere. Check the State Supreme Court and the county clerk for filings and each county treasurer for unpaid taxes, then use Hercules to see the owner, mortgages, equity and, in Nassau, unpaid taxes for any parcel in Nassau or Suffolk.
The signals to watch
| Signal | Where it shows | What it tells you |
|---|---|---|
| Foreclosure filing | A case in State Supreme Court for the county, and a notice of pendency with the Nassau or Suffolk County Clerk | A lender has started a foreclosure; New York cases often take a year or more to reach a sale |
| Unpaid property taxes | The Nassau or Suffolk County Treasurer | The owner is behind on taxes; several unpaid years is a stronger sign |
| Absentee owner with high equity | The owner's mailing address and the mortgages against the property's value | An owner who lives elsewhere and owes little may sell before listing |
A weekly routine
- Note new foreclosure filings and notices of pendency in the towns you buy in.
- Check the county treasurer for parcels with unpaid taxes.
- Open each parcel in Hercules for the owner, mortgages, estimated equity and, in Nassau, unpaid taxes.
- Drop parcels with little equity, and save the rest to a list.
- Work the list as deals in the CRM, oldest filings first.
Long Island: every parcel in Nassau and Suffolk counties has a free public page, and its full report carries the same detail as any US report below, plus the county assessment roll and unpaid taxes in Nassau. Permits, violations and zoning analysis are New York City only today.
Questions
- Does Hercules list Long Island pre-foreclosures?
- Not yet. Hercules tracks every open foreclosure case in New York City. On Long Island it shows each parcel's owner, mortgages, equity and, in Nassau, unpaid taxes.
- Is a notice of pendency the same as a foreclosure sale?
- No. A notice of pendency is filed when a foreclosure case starts. A sale comes only after a judgment, and many cases end in a modification, a payoff or a discontinuance first.
- Which Long Island counties does Hercules cover?
- Nassau and Suffolk. Every parcel in both has a free public page and a full report.