Landlord Policy for Foreclosure Properties

[Kareem Aaron]

I'm a real estate investor specializing in foreclosures; I buy properties from the court steps in Maryland.

In MD, all foreclosures must be ratified by the courts, and this is a bottleneck because...

- it can take up to 45 days for the sale to be ratified

- as the new owner, I cannot touch the house (i.e., no rehab work) until the ratification is complete

- the longer it takes to get to the rehab work, the longer it will take for me to get it rented

- the house is vacant and "idle" until this redemption period passes

My current insurer is giving me only 30 days to make repairs and have a tenant lined up to rent the home.

This would be impossible! Indeed, the ratification takes more than that alone.

Not to mention, I'm buying distressed properties that may take 30 to 60 days to fix up.

So, I'm seeking to work with a new insurance broker, agent, or company that understands the needs of foreclosure investors operating in states with a redemption period after the auction sale.

-Kareem