Steps to proceed with Foreclosure Property

Hi Brownstoners,

We just stumbled upon a great foreclosure opportunity on a brownstone in Bed-Stuy. The owner has an 80/20 loan, has owned it for one year and wants to do a short sale. How do we go about proceeding with this sort of situation? Do we get a lawyer first or have it inspected first? Also, we are thinking of offering about 10% less than what the total amount of the mortgage is – is that reasonable? Also, would it help our case with the lenders to offer to cover the interest payments until the closing if they agree to our offer within say 24 hours? Finally, does anyone have any recommendations for lawyers in Brooklyn who can help with this sort of situation and what should I expect to pay them for their services?

Thanks guys – any and all responses are appreciated.

By aetienne | 10/27/2007 12:57 PM