question about buying a foreclosure

[Joseph Billow]

Looking to buy my 1st foreclosure. My question is regarding potential liens. What are most investors doing regarding title searches? I have a W-2 job and don't have the time to do it myself. I would think it's prudent to do one before bidding. Is it normal business practice to pay for title work before even bidding on a property?

[John D.]

@Joseph Billow Is this a property you will be buying at auction or is it an REO that is on the market listed with an agent? If its the latter, typically you wont have to worry about potential liens as they will all have been wiped out. Double check with your agent or the listing agent. If it is a property that is being sold at a sheriff sale auction, I have had success getting a RE attorney to use their connections to do a title search to find out about liens. You should consider having a good RE attorney even if you don't use them for searches as they are invaluable.

Usually you will have to pay for the search prior to bidding.  I'm not sure about NY but I believe that is probably universal.  Hopefully someone with more experience will chime in.  

Welcome to BP and good luck!!