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 cool grin

Comments(4)

  • pejames16th February, 2004

    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

  • rjs935216th February, 2004

    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

  • tbelknap16th February, 2004

    No redemption rights in GA. Once it goes to sale then it is done.


    Tom

  • somoose18th February, 2004

    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

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