Real LI

The bad rap on Long Island is that there’s no affordable housing. Not true.

It’s a sign of the times that a four-bedroom, 1.5-bath house would list at $189,990 -- cash.

That’s the big catch from Wells Fargo for an East Patchogue house that’s being foreclosed and scheduled for an auction Nov. 29 unless a buyer appears. Closing costs are expected to be less for foreclosures, especially in a cash deal, but services the buyer may need include a title search and a home inspection.

Coldwell Banker agent Gail Botchler said much in the house is a year or two old, including the heating system, the roof, siding and windows. What it needs is some painting, polish on the wood floors, grass in the backyard and repairs to the ceiling molding, she said.

“There really isn’t a lot to do on the house,” she said.

There’s not much time to sign a contract and close a deal, but Botchler said lenders know the benefits of delaying auctions when serious buyers come along.

“They can stop the auction because the banks know they can make money,” she said. “It does look bad for them because they have to report the foreclosure.”