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Buying a Home in a Distressed Market

Adam Letman Bailey is the author of “Finding the Uncommon Deal.” It is his belief that this is the best time to buy a home. Adam believes that the key to finding a good deal regarding the purchase of a home is to have the right information. In his book, “Finding the Uncommon Deal”, he talks about becoming an expert regarding the circumstances involved in your local real estate market.

He makes three specific recommendations: 1) Limit the geographic area in which you’re looking to buy a home; 2) For a short period of time, look intensely at that local market place; and 3) Look at as many properties as humanly possible.

Developing Your Own Expertise

Adam, in his book, suggests you develop your own expertise as to what is a good value in your local market place. For you to spot a bargain, you need to know what constitutes a bargain. He strongly suggests you limit your foray into the real estate market in to one or two local areas.

Distressed Properties

Adam suggests that if you’re considering buying a distressed property, contact the bank directly. See if they will talk to you and provide you with financing to buy a home they took back in foreclosure.

Credit Scores

Before even looking for a home, Adam suggests that you research your credit score. If you’re credit score is not up to par, it is important that you rehabilitate your credit score before applying for a mortgage.

Adam’s book suggests that the real estate market of foreclosed homes represents a unique buying opportunity for prospective homeowners. He believes you can buy homes for speculation and make huge profits or simply buy the home of your dreams at an extremely reasonable price.

Adam makes it clear that he does not believe the real estate market will come back for a long time. He advises in his book that if you buy a home, plan on living there for a minimum of seven years. He believes that real estate prices may continue to drop for several more years before they recover.

Foreclosure Defense

We are foreclosure defense lawyers. We help homeowners stay in their homes, even when they’re in foreclosure. We assist homeowners with mortgage modifications and mortgage modification programs that fail to meet their needs.

We litigate predatory lending issues, defective foreclosure lawsuits, defective mortgages and issues involving federal laws and foreclosure. We attend foreclosure court conferences on behalf of our clients. We discuss foreclosure related bankruptcy issues.

In the appropriate circumstances, we file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients. We discuss with our clients why bankruptcy filings will be helpful to them and the types of bankruptcies available to them. Filing bankruptcy can stop foreclosures from moving forward and stop debt collection from collection agencies and collection lawyers. At the end of the bankruptcies, we can help our client in re-establishing credit. We appreciate your spending time on our foreclosure blog.

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We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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