I know someone is going to say "you can find this info in such and such place" and it probably is embedded in the last 5,569 pages I have read, but my mind is in information overload, so be kind !
1. When you buy a REO, when does the Rights to Redemption period start? Is it from date of foreclosure? In my state, redemption period is 365 days...but when does the clock start?
2. Are HUD and VA foreclosures also subject to Rights of Redemption?
3. When you purchase one of the above, do you get a deed at closing or do you receive once the Rights to Redemption is up?
4. What are you guys doing with the property during whatever waiting period your state has? Someone told me not to put a dime into the home to rehab (paint or anything) until the redemption period was over in case they come back within their redemption time. If so, does that mean you don't rent/lease out until period is up? Also heard that less than 1% actually take advantage of the Rights of Redemption. Is that an accurate number?
5. Finally, the asking price from a REO...is that generally the balance owed plus Real Estate fees in an effort to break even or will the bank try and list the property for a profit?
Thanks for the input.