First Step

Step One Before you start looking at properties
Schedule an appointment with a Nash & Lodge attorney One of our lawyers will sit down with you to explain the issues involved with purchasing a foreclosed home and can help you find the other professionals that you may need to safely invest in a foreclosed home.		For Information on the Different Types of Foreclosures
Hire a Real Estate Agent A good real estate agent can be essential in helping you find the right foreclosed property to purchase. It is important to hire a real estate agent who is familiar with the purchase of a foreclosure in that these are not "traditional" purchases. A good real estate agent can help minimize the risks associated with purchasing a foreclosure property.		If You Need a Referral to an Experienced, Knowledgeable Real Estate Agent
Investors should consider setting up a Limited Liability Company or a SubChapter  S Corporation to provide you with liability protection. Buying any home as an investment which creates an opportunity for profits but also exposes you to liabilites.  Setting up a Limited Liability Company or a SubChapter S Corporation can limit your liability exposure. If you have partners investing with you, a LLC or corporation is a valuable tool in structuring your business and avoiding problems later on. A LLC and/or corporation also deals with potential tax issues.
Consider tax concequences, especially if you are an investor. A CPA can provide guidance regarding tax concerns. The attorneys at Nash & Lodge frequently work with CPA's to set up LLC's or corporations in a way to best address potential tax issues.		If you need a referral to an experienced, knowledgeable CPA
Consider hiring a building expert to inspect any potential property Properties that have gone through foreclosure have often been neglected, vandalized and/or abused by the former owners which makes a property inspection an absolute must. Because of the many potential hidden building issues that you would not normally be concerned with in a "traditional" transaction a thorough inspection is required. A normal "visual" inspection is not enough given the risks and the fact that as a buyer you will not get any warranties regarding the condition of the property from the seller. Make sure that the person or company that you hire is insured. Make sure you understand what the inspection actually covers. Make sure that you understand what remedies you have if the inspector misses a problem.