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]