Bank Owned homes- Right of Redemption?

[cashflow]

We are researching the process of buying bank owned homes and have become aware that there is a legal clause that the bank has to give the foreclosee(person that lost the home), the right of redemption. What does this mean for a potential buyer? It is our understanding that if you purchase a foreclosed property and the previous owner is all of a sudden able to payup what they owe, then the bank has to give them back the property and even if it has been sold off, the previous owner has then the first right of ownership….therefore the bank would come to the new owner and say, ‘here’s your money back, get out!”

Anyone know anything further about these type of purchases?

[NotCranky]

Right of redemption pertains to judicial foreclosures. In CA most foreclosure are done via Trustee’s sales. We really are a not getting mortgages on our proeprties we are getting loans with a promissory note and giving bare legal title to a third party the “trustee” with the trust deed that gives them the authority to forecloses for the “beneficiary” who is the entity to which(whom?) the payment is promised.

Mortgage broker and mortgage, the way we use those terms are sort of misleading, because a mortgage is a legal instrument not a loan.

In other words, if you are buying in CA or other “trust deed” states there is less to worry about from the previous owner when you buy a foreclosure. If you are buying in other states you need to find out how things work there. There may be the occasional judicial foreclosure in California but I don’t recall when and why that might happen if it does.

[cashflow]

Thanks Rustico for the explanation!

[NotCranky]

Good luck . I hope you find some good deals.

[cashflow]

Thanks Rus, we’ll need it! If we do decide to jump in, it will be by lowballing the banks….we may have found one at well below $100/sf.

[NotCranky]

A February Beatdown for the Size-Adjusted Median

Did you see this? I would sure like to see some of the mystique removed from this post.

[SD Realtor]

Tax lien sales are usually when you will need to be concerned with right of redemption. Rus correct me if I am wrong but is it 1 year from the sale in CA?

SD Realtor

[NotCranky]

SDR I didn’t know enough on that one to really answer but I looked it up and it appears to be 2-3 years depending on the county. I think we would be talking about tax deed sales as opposed to tax lien sales. I get the idea it is pretty risky stuuf and not a very large market when the sales do occur. Something to put on the list of things to learn more about.

[robyns_song]

Every state is different, but Michigan will make you sick. There, it takes at least 6 months to get to the foreclosure and there’s a 6 month redemption period after the foreclosure sale…then tack on the eviction after that.

[robyns_song]

Every state is different, but Michigan will make you sick. There, it takes at least 6 months to get to the foreclosure and there’s a 6 month redemption period after the foreclosure sale…then tack on the eviction after that.

[robyns_song]

Every state is different, but Michigan will make you sick. There, it takes at least 6 months to get to the foreclosure and there’s a 6 month redemption period after the foreclosure sale…then tack on the eviction after that.

[robyns_song]

Every state is different, but Michigan will make you sick. There, it takes at least 6 months to get to the foreclosure and there’s a 6 month redemption period after the foreclosure sale…then tack on the eviction after that.

[robyns_song]

Every state is different, but Michigan will make you sick. There, it takes at least 6 months to get to the foreclosure and there’s a 6 month redemption period after the foreclosure sale…then tack on the eviction after that.

[NotCranky]

SDR I didn’t know enough on that one to really answer but I looked it up and it appears to be 2-3 years depending on the county. I think we would be talking about tax deed sales as opposed to tax lien sales. I get the idea it is pretty risky stuuf and not a very large market when the sales do occur. Something to put on the list of things to learn more about.

[NotCranky]

SDR I didn’t know enough on that one to really answer but I looked it up and it appears to be 2-3 years depending on the county. I think we would be talking about tax deed sales as opposed to tax lien sales. I get the idea it is pretty risky stuuf and not a very large market when the sales do occur. Something to put on the list of things to learn more about.

[NotCranky]

SDR I didn’t know enough on that one to really answer but I looked it up and it appears to be 2-3 years depending on the county. I think we would be talking about tax deed sales as opposed to tax lien sales. I get the idea it is pretty risky stuuf and not a very large market when the sales do occur. Something to put on the list of things to learn more about.

[NotCranky]

SDR I didn’t know enough on that one to really answer but I looked it up and it appears to be 2-3 years depending on the county. I think we would be talking about tax deed sales as opposed to tax lien sales. I get the idea it is pretty risky stuuf and not a very large market when the sales do occur. Something to put on the list of things to learn more about.

[SD Realtor]

Tax lien sales are usually when you will need to be concerned with right of redemption. Rus correct me if I am wrong but is it 1 year from the sale in CA?

SD Realtor

[SD Realtor]

Tax lien sales are usually when you will need to be concerned with right of redemption. Rus correct me if I am wrong but is it 1 year from the sale in CA?

SD Realtor

[SD Realtor]

Tax lien sales are usually when you will need to be concerned with right of redemption. Rus correct me if I am wrong but is it 1 year from the sale in CA?

SD Realtor

[SD Realtor]

Tax lien sales are usually when you will need to be concerned with right of redemption. Rus correct me if I am wrong but is it 1 year from the sale in CA?

SD Realtor

[cashflow]

somehow I missed that thread (even being as housing obsessed as I am).

That would be interesting to see…the foreclosure we’re looking at is with Countrywide.

It’s my thought that San Diego Banker will come back and say that this is in the lessor desirable areas…as SD Realtor alluded to there was an REO a few weeks back in Penasquitos that had something like 25 offers on it….can’t see that one going for any type of ‘deal’. Just not enough REO’s to make a big impact in the prime areas.

[cashflow]

somehow I missed that thread (even being as housing obsessed as I am).

That would be interesting to see…the foreclosure we’re looking at is with Countrywide.

It’s my thought that San Diego Banker will come back and say that this is in the lessor desirable areas…as SD Realtor alluded to there was an REO a few weeks back in Penasquitos that had something like 25 offers on it….can’t see that one going for any type of ‘deal’. Just not enough REO’s to make a big impact in the prime areas.

[cashflow]

somehow I missed that thread (even being as housing obsessed as I am).

That would be interesting to see…the foreclosure we’re looking at is with Countrywide.

It’s my thought that San Diego Banker will come back and say that this is in the lessor desirable areas…as SD Realtor alluded to there was an REO a few weeks back in Penasquitos that had something like 25 offers on it….can’t see that one going for any type of ‘deal’. Just not enough REO’s to make a big impact in the prime areas.

[cashflow]

somehow I missed that thread (even being as housing obsessed as I am).

That would be interesting to see…the foreclosure we’re looking at is with Countrywide.

It’s my thought that San Diego Banker will come back and say that this is in the lessor desirable areas…as SD Realtor alluded to there was an REO a few weeks back in Penasquitos that had something like 25 offers on it….can’t see that one going for any type of ‘deal’. Just not enough REO’s to make a big impact in the prime areas.

[cashflow]

somehow I missed that thread (even being as housing obsessed as I am).

That would be interesting to see…the foreclosure we’re looking at is with Countrywide.

It’s my thought that San Diego Banker will come back and say that this is in the lessor desirable areas…as SD Realtor alluded to there was an REO a few weeks back in Penasquitos that had something like 25 offers on it….can’t see that one going for any type of ‘deal’. Just not enough REO’s to make a big impact in the prime areas.

[NotCranky]

A February Beatdown for the Size-Adjusted Median

Did you see this? I would sure like to see some of the mystique removed from this post.

[NotCranky]

A February Beatdown for the Size-Adjusted Median

Did you see this? I would sure like to see some of the mystique removed from this post.

[NotCranky]

A February Beatdown for the Size-Adjusted Median

Did you see this? I would sure like to see some of the mystique removed from this post.

[NotCranky]

A February Beatdown for the Size-Adjusted Median

Did you see this? I would sure like to see some of the mystique removed from this post.

[cashflow]

Thanks Rus, we’ll need it! If we do decide to jump in, it will be by lowballing the banks….we may have found one at well below $100/sf.

[cashflow]

Thanks Rus, we’ll need it! If we do decide to jump in, it will be by lowballing the banks….we may have found one at well below $100/sf.

[cashflow]

Thanks Rus, we’ll need it! If we do decide to jump in, it will be by lowballing the banks….we may have found one at well below $100/sf.

[cashflow]

Thanks Rus, we’ll need it! If we do decide to jump in, it will be by lowballing the banks….we may have found one at well below $100/sf.

[NotCranky]

Good luck . I hope you find some good deals.

[NotCranky]

Good luck . I hope you find some good deals.

[NotCranky]

Good luck . I hope you find some good deals.

[NotCranky]

Good luck . I hope you find some good deals.

[cashflow]

Thanks Rustico for the explanation!

[cashflow]

Thanks Rustico for the explanation!

[cashflow]

Thanks Rustico for the explanation!

[cashflow]

Thanks Rustico for the explanation!

[NotCranky]

Right of redemption pertains to judicial foreclosures. In CA most foreclosure are done via Trustee’s sales. We really are a not getting mortgages on our proeprties we are getting loans with a promissory note and giving bare legal title to a third party the “trustee” with the trust deed that gives them the authority to forecloses for the “beneficiary” who is the entity to which(whom?) the payment is promised.

Mortgage broker and mortgage, the way we use those terms are sort of misleading, because a mortgage is a legal instrument not a loan.

In other words, if you are buying in CA or other “trust deed” states there is less to worry about from the previous owner when you buy a foreclosure. If you are buying in other states you need to find out how things work there. There may be the occasional judicial foreclosure in California but I don’t recall when and why that might happen if it does.

[NotCranky]

Right of redemption pertains to judicial foreclosures. In CA most foreclosure are done via Trustee’s sales. We really are a not getting mortgages on our proeprties we are getting loans with a promissory note and giving bare legal title to a third party the “trustee” with the trust deed that gives them the authority to forecloses for the “beneficiary” who is the entity to which(whom?) the payment is promised.

Mortgage broker and mortgage, the way we use those terms are sort of misleading, because a mortgage is a legal instrument not a loan.

In other words, if you are buying in CA or other “trust deed” states there is less to worry about from the previous owner when you buy a foreclosure. If you are buying in other states you need to find out how things work there. There may be the occasional judicial foreclosure in California but I don’t recall when and why that might happen if it does.

[NotCranky]

Right of redemption pertains to judicial foreclosures. In CA most foreclosure are done via Trustee’s sales. We really are a not getting mortgages on our proeprties we are getting loans with a promissory note and giving bare legal title to a third party the “trustee” with the trust deed that gives them the authority to forecloses for the “beneficiary” who is the entity to which(whom?) the payment is promised.

Mortgage broker and mortgage, the way we use those terms are sort of misleading, because a mortgage is a legal instrument not a loan.

In other words, if you are buying in CA or other “trust deed” states there is less to worry about from the previous owner when you buy a foreclosure. If you are buying in other states you need to find out how things work there. There may be the occasional judicial foreclosure in California but I don’t recall when and why that might happen if it does.

[NotCranky]

Right of redemption pertains to judicial foreclosures. In CA most foreclosure are done via Trustee’s sales. We really are a not getting mortgages on our proeprties we are getting loans with a promissory note and giving bare legal title to a third party the “trustee” with the trust deed that gives them the authority to forecloses for the “beneficiary” who is the entity to which(whom?) the payment is promised.

Mortgage broker and mortgage, the way we use those terms are sort of misleading, because a mortgage is a legal instrument not a loan.

In other words, if you are buying in CA or other “trust deed” states there is less to worry about from the previous owner when you buy a foreclosure. If you are buying in other states you need to find out how things work there. There may be the occasional judicial foreclosure in California but I don’t recall when and why that might happen if it does.

[Author]

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