How to buy a foreclosed home: VIDEO

TRD NEW YORK /
Apr.April 04, 2012 11:30 AM


Adam Leitman Bailey, the high-profile New York City attorney who runs a firm bearing his name, sat down with Fox News in the video above and explained how a layman should approach buying foreclosed homes.

“This is the greatest time in the history of the world to buy a home,” Bailey said. But he warns “it’s very complicated, and you can lose your shirt very easily.”

In order to prepare to bid on a foreclosed home, however, there are a number of steps Bailey recommends going through. First a buyer should become extremely familiar with a small market of their choice. Next, he instructs the buyer to search for any liens on the property. “Any title company will run a search for you and tell you what liens are on the property,” he said, adding that a buyer can be held responsible for any liens left on the home at the time of purchase. Finally, a prospective buyer should look in the newspaper for foreclosure auctions and get a large number of certified checks in small denominations, in order to pay the downpayment at the courthouse.

“It’s almost like play money, then,” the Fox reporter notes. Bailey agrees. “Yeah, it’s a game.” [Fox News]


Related Articles

arrow_forward_ios
Governor Andrew Cuomo (Credit: Getty Images, iStock, and Pixabay)

Cuomo’s executive order tells banks to give homeowners a break

Caught up in a dozen recent lawsuits, Brooklyn developer Toby Moskovits blames her firm’s debt troubles on “collusion” and a “personal vendetta” (Illustration by The Real Deal; Moskovits by Sasha Maslov)

Creditors are banging on Toby Moskovits’ door

NYC saw a dip in home foreclosures last year (Credit: iStock)

Home foreclosures dip in NYC for 2nd straight year

Selina Hotel at 516- 518 West 27th Street and Adam Neumann (Credit: Google Maps, Getty Images)

Lender moves to foreclose on site of NYC hotel linked to Adam Neumann, Mexican magnate

From left: Jim Whelan, David Schechtman, Tom Elghanayan, Helena Durst, Bill Rudin, and Adam Leitman Bailey

Real estate bigwigs sound off on politics at REBNY gala

Nationwide foreclosures are at a 15-year low (Credit: iStock)

Foreclosures nationwide fell to 15-year low in 2019

494 Broadway and Thor Equities' Joe Sitt (Credit: Google Maps)

Thor faces foreclosure on site where lender says it’s seeking “unrealistic rents”

Maefield Development's Mark Siffin and 20 Times Square (Credit: Maefield)

Lender forecloses on Maefield’s billion-dollar Times Square project

arrow_forward_ios
Loading...