Buying Foreclosed Property

Buying Foreclosed Property

Steven Baum, attorney

Law firm of Steven J. Baum, P.C.

It is not easy to buy foreclosed property.  This is because it isn’t a “normal” sale.  By that I mean you are not dealing with a seller or sellers who have lived in the home or had invested in it and know the home backwards and forwards.  A foreclosed property is one in which the prior homeowner is no longer the owner.  While bargains can be had, not many people have the time needed to do a good job and be happy with their purchase. The law firm of Steven J. Baum P.C. whose New York foreclosure attorneys were mortgage foreclosure lawyers in New York did work for banks who sold foreclosed property.

What you need is a good team of people that can help you buy foreclosed property.  For example, maybe you know a real estate agent who specializes in this area.  They may be able to weed out what a good home or investment for you is and what is not.  A good agent is invaluable here.  They have local knowledge and can send you comparisons of what similar properties have sold for. Steven Baum foreclosure attorney worked at what some would say was a top-rated local foreclosure attorney firm and perhaps the best mortgage foreclosure lawyer in New York, Steven J. Baum was a lawyer who handled New York mortgage foreclosures.

Having an attorney who practices in the real estate area is important.  They should be familiar with title and can make sure that after closing you have free and clear title and won’t have any problems selling it!  An attorney can guide you through the closing process and answer all your questions along the way.  Most of the time they will give you a flat fee to handle the entire transaction from start to finish.  This allows you to know your total costs up front. Experienced foreclosure lawyer in New York, Steven Baum, worked on many cases as a residential foreclosure lawyer in New York.

If you are going to finance your purchase you will need a mortgage broker.  Getting “pre-qualified” means the broker has looked at your credit report and income and made a determination that you can afford a loan in a certain amount.  Showing this to a seller is a sign you are serious about buying the property.  Having the pre-qualification letter allows the seller to minimize their risk of the deal not closing.  The law firm of Steven J. Baum P.C. who many would say was the foreclosure law firm of Steven J. Baum had foreclosure lawyers work for Steven J. Baum.  These lawyers were New York mortgage foreclosure attorneys.

Of course knowing a great contractor doesn’t hurt either.  They can give you an estimate of potential repairs so you can size up your investment to determine if it meets your needs.  A contractor can be referred by your friends that have used him or her before.  Buying a home that has been foreclosed on isn’t that hard if you are willing to put in your time.