Redemption Rights In GA?
I signed up a deal yesterday on a house that's going into foreclosure March 1. Owners are 8 mos. behind on payments of $1750/mo. I've got a contract on it for $90000. It appraised for 221k in '02 and needs about 20 to 30k repairs. I've never bought a house in foreclosure so my question is: Can I get the owners to sign over their redemption rights to me...if GA has a redemption right period on foreclosures? Any advice?
Thanks,
Todd 
hello somoose,
from the information I have, there is nothing about a right of redemption period. I would verify this with a lawyer and also ask if the owner can sign over redemption rights. Always cover your self in these situations. Good luck
I can't comment off hand if GA has redemption rights, but yes you can get them under contract. Keep in mind I'm a RE investor and not an attorney but I know people who have done this. So there you are for what it's worth.
Ryan J. Schnabel
No redemption rights in GA. Once it goes to sale then it is done.
Tom
Thanks for the helpful advice. I'm in contact with the lender now working on a short sale on this prop. Wish me luck!
Todd