The Real Deal Miami

Elliman’s Dolly Lenz talks about buying foreclosed homes

March 13, 2009 12:38PM

Broker Dolly Lenz talked about buying foreclosed homes with CNBC’s Carmen Wong Ulrich. Lenz, vice chairman at Prudential Douglas Elliman, said before bidding on a foreclosed home, potential buyers should do their homework, including getting the unit’s value appraised and estimates on any necessary renovations, in addition to hiring a lawyer to go over all of the legal terms of the deal. If a potential buyer is bidding on a home at an auction, Lenz suggested having financing already lined up because obtaining a loan takes time, and after a 30-day period, another bidder could snap the home up from under you.