How to buy a foreclosed home: VIDEO

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
Philip Falcone and his homes at 142 Crestview Lane in Sagaponack and 22 East 67th Street (Getty, Corcoran, Google Maps)
Phil Falcone files appeal halting foreclosure of UES, Hamptons homes
Phil Falcone files appeal halting foreclosure of UES, Hamptons homes
Philip Falcone and his homes at 142 Crestview Lane in Sagaponack and  22 East 67th Street (Getty, Corcoran, Google Maps)
Foreclosure on Phil Falcone’s homes can move forward
Foreclosure on Phil Falcone’s homes can move forward
(iStock/Illustration by Kevin Rebong for The Real Deal)
Foreclosures and evictions could be halted for rest of 2021
Foreclosures and evictions could be halted for rest of 2021
John Philip Sousa and the Sousa House at 80 Washington Place (Getty, Leslie J. Garfield)
Second foreclosure suit filed against owner of Sousa townhouse in West Village
Second foreclosure suit filed against owner of Sousa townhouse in West Village
Simon and David Reuben with One Thousand Museum (Getty, iStock)
Reuben Brothers seeks to foreclose on Zaha Hadid-designed One Thousand Museum
Reuben Brothers seeks to foreclose on Zaha Hadid-designed One Thousand Museum
Brian Harris of Ladder Capital, Aron Rosenberg or R&B, 28 West 36th Street and 32 West 39th Street. (Ladder, Aron Rosenberg via LinkedIn, Google Maps)
Midtown office buildings stave off foreclosure with refi from Ladder Capital
Midtown office buildings stave off foreclosure with refi from Ladder Capital
John Philip Sousa and the Sousa House at 80 Washington Place (Getty, Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
$25M Sousa townhouse in West Village faces foreclosure
$25M Sousa townhouse in West Village faces foreclosure
Miami-Dade Mayor Daniella Levine Cava (Getty, iStock)
Miami-Dade resumes pre-pandemic evictions after unannounced February break
Miami-Dade resumes pre-pandemic evictions after unannounced February break
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...