Buying an estate foreclosed property
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.
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.
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