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Jim - March 22nd, 2007 2:45 PM

I have been told by my realtor that we may be required to buy a Redemptive Bond on this single family foreclosure property. What is this?

Jim - March 20th, 2007 6:59 PM

I can't know your situation,
but it can be risky to buy a foreclosure.

A good home inspector (ASHI) is needed. And if there was
a bankruptcy involved, there
could be leins on the property
that the seller won't reveal.

Try to get a General Warranty Deed to protect from claims on
the property from creditors, a former spouse, and others.

If they did receive your contact, avoid renewing it, since it puts them in a stronger position.

ct - April 7th, 2008 1:29 AM

I wouldn't worry about leins, just make sure you do a title search and get titel insurence. It's well worth the money. I know about anxioty because I'm in the same boat.

Britany - January 12th, 2009 6:14 AM

We put an offer in on a short sale 6 weeks ago and now on a REO this last Friday. Everyone has been telling us that it can take weeks and sometimes months for banks to even repond to offers, so we were advised to place offers on more than one property and basically just wait to hear on one of them.

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