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Buying a "Flipped" House (past Foreclosure) in Alabama - Things You Need to Know
Buying a "Flipped" House (past Foreclosure) in Alabama - Things You Need to Know!   
As a professional Real Estate Agent in the North Alabama area for several years, these are the things I think any potential buyer should know about buying a foreclosure, and, specifically, a previous foreclosure bought by an investor, "fixed up" and "flipped".
In Alabama, the Right of Redemption Law exists: this law allows the original owner to reclaim their property up to one year AFTER foreclosure date!  YES - this is TRUE!  One year!  Now the previous owner (or other persons) must pay the foreclosed amount, plus 12%, plus all MANDATORY repairs (not cosmetic!) to reclaim this property; and in the State of Alabama, less than 1% of such properties are claimed.  HOWEVER, in dealing with these types of properties, it can become confusing and cause the innocent buyer to get the "short end of the stick". When buying "flipped" house from a foreclosure, please make sure you ALWAYS use a knowledgeable agent, like me, who is working strictly for you!  OR, you the buyer, could be left with nothing!
Now - let's talk about the "flipped" house being sold by the investor who purchased the foreclosure, ... more

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