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Buying an estate foreclosed property

Wednesday, August 06, 2003 @ 10:05 AM EDT Printer Friendly Page  Printer Friendly Page
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Contributed by: jac

jac Properties

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Im in the process of buying a foreclosed property in Alabama. The property was forclosed due to the estate of the deceased not wanting the property. I not sure of all the estates rights of redemption. What happens if they want the property back. How can I protect myself from losses? Can I/should I make modifications to the property before the redemption time is up. Any help would be appreciated.
 
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Re: Buying an estate foreclosed property (Score: 2)
by The_Wizard on Wednesday, August 06, 2003 @ 08:15 PM EDT
YOUR_QUESTION: Can I/should I make modifications to the property before the redemption time is up. Any help would be appreciated I would wait the time out before doing anything. Get insurance on the property to cover you money in it.[ No Comments Allowed for Anonymous, please register ]


Re: Buying an estate foreclosed property (Score: 2)
by chuck01 on Friday, August 08, 2003 @ 02:55 PM EDT
Hi,

1. Who are you buying from? If a bank, mortgage company - ask them for the information.

2. Make sure you get title insurance. This will disclose any exceptions that they would have. This will give you a heads up on potential problems.

3. Invest in an attorney to do the closing. If he or the title company misses something, then you would have recourse.

Good Luck.

Chuck[ No Comments Allowed for Anonymous, please register ]


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