By: Steven J Baum
Law Firm of Steven J Baum PC
The foreclosure law firm of Steven Baum used to represent various banks for mortgage foreclosures. When a property went to sale this top-rated local foreclosure attorney sometimes had bidders attend the sale. One needs to be careful and do their homework before bidding on a foreclosure. You would never want to buy a property at sale without reviewing the status of title. This way you will insure who owns the property, and the status of real property taxes. Even the best mortgage foreclosure lawyer can’t protect you from errors that may be made in the buying process.
Pay careful attention to the terms of sale. You definitely would not want to be buying a junior mortgage lien only to find out later that there is a senior lien that has to be paid off. You could very well lose your deposit because it’s your responsibility to know what you are purchasing. Furthermore pay a visit to the property before the actual sale. You are going to be buying the property in as is condition, with whatever defects there are. The foreclosing bank rarely has seen the inside of the property and in fact it may be occupied. Exercise extreme caution and it is recommended you do not trespass on another’s property especially when the occupants may be the subject of the foreclosure action.
You should also do some research into what the property is worth. Maybe ask a local real estate agent to run a comparable market analysis for you. This analysis will give you an idea of what the value is of the property. The last thing you want to do is to buy a property for more than its market value. You would certainly be taking a loss in this scenario, something you didn’t plan for or expect.
Remember that in certain states there is a redemption period where the owner can come in and reinstate the loan and thus the foreclosure would have no effect. Know the local law that applies and ask a qualified attorney for advice if you have any questions. A New York foreclosure attorney would explain that in New York there is no redemption period after the sale for the owner. This New York foreclosure lawyer, including the Law firm of Steven Baum could have answered these questions.
BySteven J Baum This article provides general information only. The information in this article is not and should not be construed to be legal advice. The transmission of the information found in this article and on this web page does not result in the formation of a lawyer-client relationship.