ORLANDO, Fla. -- As foreclosures force home prices to record lows, experts warn buyers hoping to cash in on a deal to be cautious when buying a foreclosed home.

In March, 45,000 homes went into foreclosure in Florida, leading to a strong buyer's market in the state.

Taff Liao found a townhouse condo in metro west that originally sold for $300,000.

"A townhome; two-car garage, two bedrooms, two bathrooms, two walk-in closets, for under $80,000," Liao said.

It sounded like a great deal, but Liao faced months of delays after his initial closing date was pushed back several times.

"It has been a very arduous process to say the least," Liao said.

Although Liao was approved for a loan, he faced several snags with the title that pushed back his original December closing date.

"They have to then run everything -- run the title, check that there's no liens on the property, check the HOA, make sure they haven't put any liens against the property. You could have utility liens, mechanic liens, so there's a lot of different factors. It is not a quick process," realty broker Karin Hill said.

Hill said it is not uncommon for foreclosed homes like Liao's to be caught up in liens and other title issues.

"It turned out there were extra things, liens attached to the property, and so they had to clear those liens and get a clean certificate of title before they could close with this new buyer," Hill said.

Three months after his original closing date, Liao was running out of options. He hadn't renewed the lease on his apartment, assuming he would have already moved into his condo.

"I'm living all around friends' houses basically," Liao said. "I don't have a home. I am a homeless man."

Since the interview, Liao has moved closed on and moved into his condo.

Real estate agents said it takes an average of 30 days for a traditional transaction to close, but with foreclosures or short sales, 180 days is more realistic.

Experts suggest hiring a lawyer to oversee the process when buying a foreclosed home.

"I'm worried that people are jumping into the market because prices have fallen, and interest rates have fallen and they're jumping in blindly," attorney Joseph Seagle said.

Seagle's practice includes real estate law and he said banks have taken back an unprecedented number of properties and cannot possibly know the condition of each house. He suggests that potential buyers have foreclosed homes fully inspected before agreeing to buy.

Buyers often face penalties if they decide to back out of a purchase, even if it has taken longer than anticipated. Banks can back out at the last minute with little or no penalty.