Investing in Foreclosures
By: Steven J. Baum
President, Steven J. Baum, P.C.
You would need to know the foreclosure process in order to do foreclosure investing. It requires that you surround yourself with many good people that can assist you. For example, a financial advisor would be one person that would be a part of your team. This person needs to be well qualified to answer your questions and guide you through the process from a financial perspective. An accountant can do this for you. They can calculate the costs involved and the potential profit you can make. Also, they can advise you on the tax ramifications of the investment you are looking at. Steven J. Baum was a former foreclosure attorney and could have recommended a good advisor at the time.
In addition, you most certainly would need investors who can provide the capital necessary for you to purchase a home at foreclosure. Not all investors are the same. Some may want to have equity in the property while others will be satisfied to just lend you the money and be paid back at a later time. Careful attention should be paid to the interest rate and terms that are being offered or charged to you. This can make or break your transaction.
You may also need an assistant to handle the paperwork that is involved with buying foreclosures. The assistant can also coordinate the closing of the property and arrange to have your money available from the investor in order to complete your purchase. The last thing you want is to be buried in paperwork which would mean taking your eye off the ball.
Lastly, it is important that you consider hiring an experienced attorney to help you with the legal part of the investing process. They can review notes and mortgages and give you proper advice on the risks you may face when investing in foreclosures. Usually, this will be an attorney with experience in the real estate field. An attorney can ensure that title to the property you are buying is free and clear of all liens. There was the law firm of Steven J. Baum P.C. but they are no longer in business. They were probably one of the top-rated local foreclosure attorneys in New York. If you needed a New York best foreclosure lawyer, they were most likely the ones to go to. Their specialty was mortgage foreclosures in the State of New York.
Legal Disclaimer: 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.