subject: Buying Foreclosures? Why You Need To Consult Real Estate Lawyers [print this page] If you're one of the lucky few in a position to purchase some of the foreclosures on the market, one of the first professionals you need to turn to is a real estate lawyer. This is especially true if buying foreclosed properties is new for you. Following is one example of why.
Real Estate Lawyers Can Advise You on Right of Redemption Laws
Did you know that in some states, even after a property is sold at a foreclosure auction, the owner has a right to reclaim that property? It's true. Ever heard of Right of Redemption laws? These are the laws that allow this to happen -- within certain guidelines, of course.
For example, in some states, the owners have up to a year to reclaim their property. And, if you've put any money into fixing a foreclosed property -- they don't have to pay you back for this. This means you could potentially lose a lot of money.
Real Estate Lawyers Help You Protect Your Foreclosure Investment - Before, During & After the Purchase
Real estate lawyers protect investors from these kinds of arcane laws that the average anxious investor who "just wants to hop on a good deal" can easily overlook.
Real estate investors can purchase the Right of Redemption directly from a property owner -- and potentially save thousands when buying a foreclosed property.
But, they must know when it's prudent to do so, how much to offer, how to approach the owner, how to exercise their right of redemption, etc. Real estate lawyers offer counsel on just these types of things. They literally are worth their weight in gold, especially when it comes to buying foreclosed property.
If you want to get in the real estate investing game, one of the first members you should add to your team is an experienced real estate lawyer, followed closely by a trusted general contractor.
