Buying a Foreclosure Attorney
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Buying a Foreclosure
When a person buys a foreclosed property, they are acquiring a property on which the previous owner did not pay the mortgage or property taxes. Buying a foreclosure may be easy or complex, depending on which stage of the foreclosure process the property is in.
Will I Work with the Lender or Property Owner When Buying the Property?
It depends on what stage of the foreclosure process the property is in who is selling the property. If dealing with a creditor or the county, the buyer should not expect to quickly contact them or reach a deal right away. Majority of the properties are usually supervised by asset management departments and they are difficult to reach.
Purchasing property in pre-foreclosure is often easier. The buyer works directly with the property owner in this situation.
Can I Negotiate for the Lender or Property Owner to Make Improvements?
No, the properties are usually sold “as is.” This means the buyer is obtaining the property in condition ranging from good to in need of repairs.
What Offer Should I Make?
The offer a buyer makes for a foreclosed home should depend on the condition of the property. If the property is in need of major repair, a buyer may want to adjust their bid to factor in post-purchase expenses.
What Happens If I Purchased Property with Tenants Living in It?
Prior to 2009, tenants living in a foreclosed property lost their leases. According to the Helping Families Save their Homes Act of 2009, leases continue during and after the foreclosure. For people on a month-to-month tenancy, they will have to leave after receiving a 90-day notice or whatever the applicable state law requires.
What Does Statutory Redemption Mean?
Statutory redemption refers to a property owner’s right, as given to them by a state statute, to regain the property after the property has been foreclosed on. A statutory redemption law allows the owner a specific amount of time in which they can pay the money owed to redeem property. The money owed is the amount the property was sold for at a foreclosure auction. Although the specific time frame varies from state to state, it is usually one year.
Do I Need to Talk to a Lawyer about Buying a Foreclosure?
Yes, there are many hidden laws and regulations you should know about regarding foreclosed homes. Contact a real estate lawyer to understand your rights.
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Last Modified: 08-03-2015 02:41 PM PDT
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