Foreclosure’s are they safe to buy!

Foreclosure proceedings vary from state to state. In states where mortgages are used, home owners can end up staying in the property for almost a year; whereas, in states where trust deeds are used, a seller has less than four months before the trustee's sale.

Almost every state provides for some period of redemption. This means the seller has an irrevocable right during a certain length of time to cure the default, including paying all foreclosure costs, back interest and missed principal payments, to regain control of the property. For more information, consult a real estate lawyer.

Many states also require that buyers give to sellers certain disclosures regarding equity purchases.
Failure to provide those notices and to prepare offers on the required paperwork can result in fines, lawsuits or even revocation of sale.

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