Alabama Foreclosure Redemption Right - Can I sell the property I bought at foreclosur

Birmingham, Alabama
Foreclosures
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Alabama Foreclosure Redemption Right - Can I sell the property I bought at foreclosur

Lawanna Crile
Member since 2023 · 6 posts · 0 votes

I bought a single family home on the courthouse steps. Did my title search, tax search. The deceased owner's Daughter signed a Right of Redemption Waiver. Now I that I've put MORE $$ money in the property my realtor tells me his Title Agent (Attorney) say's the right of redemption stands regardless of the signed waiver I have.

Am I stuck holding this property a year until the redemption period expires? Honestly, who wants to buy a house knowing the right to redeem might possibly be exercised? 

Thanks, June

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Greg ParkerBusiness Member
Realtor, Contractor, Property Manager · Montgomery AL and Kowaliga, AL · Member since 2017 · 669 posts · 536 votes
2y

Its definetaly a gamble unless you have personal info on the owners, deceased, no heirs, in prison, etc.  For specifics, contact @Denise Evans, the Alabama expert on these matters.

[email protected]
MGM Property Pros LLC
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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y

    @Lawanna Crile

    First I would not renovate or do anything to the property as what happens if they redeem? I know there are ways for them to waive their redemption rights and the document you stated may be the correct document

    Make sure your attorney is familiar with Alabama foreclosure laws. We like to use Rubin Lublin in Alabama for these types of cases

    7e investments53 Reviews
    WebsiteView Page
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  • Greg ParkerBusiness Member
    Realtor, Contractor, Property Manager · Montgomery AL and Kowaliga, AL · Member since 2017 · 669 posts · 536 votes
    2y

    Its definetaly a gamble unless you have personal info on the owners, deceased, no heirs, in prison, etc.  For specifics, contact @Denise Evans, the Alabama expert on these matters.

    [email protected]
    MGM Property Pros LLC
    View Page
    1Reply
  • Denise Evans
    JD, CCIM , Real Estate Broker · Tuscaloosa, AL · Member since 2014 · 1k+ posts · 1k+ votes
    2y

    @Lawanna Crile  Contact me and send me a copy of the Right of Redemption waiver.  It might be defective, it might not.  Just because ONE title company is nervous doesn't mean there is anything wrong.

    If defective, it might be fixable.

    Depending on the property, the right of redemption might be only 6 months. Depending on the notices, it might have been forfeited.

    You can always sell a property with outstanding redemption rights. Depending on post-foreclosure improvements to the property, it might be too expensive to redeem.  Lots of moving parts on your question. I need more info. Thanks @Greg Parker for the heads up.

    1Reply
  • Lawanna Crile
    OP
    Member since 2023 · 6 posts · 0 votes
    2y
    Hello Denise, I no longer have a scanner so I hope the picture taken with my phone will be clear enough to read. The Realtor I've decided to list the home with contacted the attorney he prefers to close his deals. I do not know his name, but the attorney told him I will probably be required by the buyers mortgage company to buy a Redemption Bond, at $10.00 per $1.000.00. 
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  • Lawanna Crile
    OP
    Member since 2023 · 6 posts · 0 votes
    2y
    Well, I obviously cannot edit or delete this post or attachment. I regretted it as soon as I posted. It contains too much personal information to share with everyone.
    0Reply
  • Lawanna Crile
    OP
    Member since 2023 · 6 posts · 0 votes
    2y
    Well, I obviously cannot edit or delete this post or attachment. I regretted it as soon as I posted. It contains too much personal information to share with everyone.
    0Reply
  • Lawanna Crile
    OP
    Member since 2023 · 6 posts · 0 votes
    2y
    Quote from @Lawanna Crile:
    Well, I obviously cannot edit or delete this post or attachment. I regretted it as soon as I posted. It contains too much personal information to share with everyone.
    Thank you Chris.
    0Reply
  • Lawanna Crile
    OP
    Member since 2023 · 6 posts · 0 votes
    2y
    Ken, Thank you for your feedback. I appreciate your suggestion, I hope you can appreciate my opinion without taking offense. The thing about that is I can consult 3 different attorneys and receive 3 different opinions.
    0Reply
  • Francisco Cimon
    Canada · Member since 2017 · 49 posts · 5 votes
    2y

    @lawanna check your inbox

    0Reply
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