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I'm interested in investing in foreclosure properties. I

Customer Question
I'm interested in investing in...
I'm interested in investing in foreclosure properties. I have read a little about redemptions rights and the ability to purchase such rights. I was wondering about the process involved in doing this type if of business in NJ and NC. IE what forms are needed, how to get in contact with the previous owners, how to sell back the redemption to new owners, etc...
Submitted: 5 months ago.Category: Real Estate Law
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Answered in 17 hours by:
6/17/2017
Real Estate Lawyer: Attyadvisor, Attorney replied 5 months ago
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 7,404
Experience: 29 years of experience in General Practice, Real Estate Law and Estate Law.
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Welcome and thank you for your question. I will be the professional that will be assisting you.

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Real Estate Lawyer: Attyadvisor, Attorney replied 5 months ago

Welcome to JA and thank for your question. Just to clarify you do not want to purchase the foreclosures at auction, you want to redeem the property through the borrower? Is that correct.

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Customer reply replied 5 months ago
Hi
I will be probably doing a bit of both. But was also interested in the redemption rights process
Real Estate Lawyer: Attyadvisor, Attorney replied 5 months ago

For example in NJ the redemption rights belong to the owner exclusively so I am not sure how would you set this up. What is the plan?

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Customer reply replied 5 months ago
I wanted to know how to go about getting the redemption right from the borrower. I believe I have 10 days from the foreclosure sale of the property to get the transfer. But I am clueless in regards ***** ***** details of doing all of this... Do I have to hire an atty to generate the legal forms etc. And if so do I need to forward them to the lender or new buyer??
Real Estate Lawyer: Attyadvisor, Attorney replied 5 months ago

You would enter into a contract with the borrower/owner, however, the borrower/owner would need to be the redeeming party. At the same time you would have the title owner's prepare a deed placing your name on the title to the redeemed real property. You would want to perform a title search through a title company to see if there are any other liens on title and to provide you with clear title. This would be the same in each state. As you are aware the redemption periods can vary from State to State. When you purchase real property at a foreclosure auction the county prepares all of the documents.

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Real Estate Lawyer: Attyadvisor, Attorney replied 5 months ago

I had many clients that I worked with on these types of matters and checking the title is the first step.

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Real Estate Lawyer: Attyadvisor, Attorney replied 5 months ago

Please do not hesitate to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you.

The Attorneys on the site do not receive credit for our work or time if the customer does not rate our service positively. A positive rating will not impact your ability to receive a refund. Thank you for your consideration and thank you for using JA. We appreciate your business.

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Customer reply replied 5 months ago
Ok so from my understanding once I obtain the title search and there are no liens then I would enter a contract prepared by an atty. After that I would get the title company to add my name to the title.
Real Estate Lawyer: Attyadvisor, Attorney replied 5 months ago

The attorney can prepare the deed and the contract.

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Real Estate Lawyer: Attyadvisor, Attorney replied 5 months ago

I do not see that you have ever rated an expert positively? You should contact customer service with any issues you have encountered on the site as we want the customers of the site to have a positive experience and rate the professionals positively so they will receive credit for their work. Many times experts will not pick up questions if there is a history of no rating by the customer. Thank you.

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Customer reply replied 5 months ago
Thereafter once that is done I assume I have the ability to either buy the property or ask for a fee from the new buyer to waive my redemption right.
Real Estate Lawyer: Attyadvisor, Attorney replied 5 months ago

Once you have the deed you have title to the property (you are the owner). The contract would set out the terms. Anyone that purchased at auction would not have title if the property is redeemed.

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Real Estate Lawyer: Attyadvisor, Attorney replied 5 months ago

Thank you for using JA! We appreciate your business.

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Real Estate Lawyer: Attyadvisor, Attorney replied 5 months ago

I am going to opt out as it does not appear that you are willing to provide a positive rating so I will receive credit for the time and work I spent assisting you.

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