Redemptive Period

[Jason Burton]

I don't know hardly anything about foreclosures and I haven't found the answer in the forums yet. I have found a property that would be a great deal (#s look great, due diligence still needed). But I was told by the listing agent that in the state of Alabama (and it might be this way in a lot of places, I'm not familiar though) there is a law that lets the previous owner of a property reclaim the property for up to one year if they can afford to get current on their mortgage. This is called a redemption period. This just makes me uncomfortable thinking about what could happen if someone tried to reclaim a property after I purchase it and do any upgrades or rehab. Anyone have any insight about this? Are there any methods to protect yourself if you purchase the property while it's still in the "redemption period"? Has anyone purchased a property while it was still redeemable? If anyone knows of any threads deep in the BP archives related to this please post the link.