I purchased a foreclosed home in Alabama in October 2008. The purchase price was 75,000 from the bank. The apprasial value is 140,000. Is there a certain length of time I have to wait in order to sell this property?
Congratulations Jim. Do you have possession of the house at this time, or is it still in the redemption period where the prior owner can redeem the loan?
So long as the redemption period has passed, you should have no trouble selling the property. The one thing you may have to deal with is that banks can be tough on approving loans on appraisals where the prior sales price was considerably lower than the current appraised value. You can usually work through this by documenting that you made improvements, had to evict owners, took care of deferred maintenance, took the risk of buying without title insurance, etc. Bottom line is that the lender needs something in their file to explain the discrepancy.
i just losy my house in foreclosed, iam in alabama the redemption is 365 days can i reclaim my hoouse if i can pay it off