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?
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