Kansas Mortgage Foreclosure Laws protect home owner's rights to maintain possession of their homes during foreclosure. When home owners get a good attorney or know the law well and go pro se, their homes could be tied up in court for a year or more.
It is not unusual to see several years of past due county property taxes before the county will take on the home owner. When mortgage loans are in default, usually every other attempt has been made before attempting foreclosure in Kansas due to its foreclosure laws.
But once the foreclosure process begins, an investor has anywhere from 1 hour to produce the cash (as it is here in Douglas County) on up to about 30 days to obtain financing in the other 104 Kansas Counties. Some foreclosures prohibit viewing the inside of homes and prohibit inspections to be conducted (as it is here in Douglas County) while in other counties public showings and inspections may be conducted. The successful bidder may also inherit a tenant in the process if the home owner has not vacated the premises.
Disclaimer: As always, you should consult an attorney for legal advice regarding foreclosures when considering this type of speculative investment.
For more information on distressed properties and foreclosures, give me a call and I will put you in touch with a qualified Realtor® in your Kansas County or I will be happy to help you with your real estate needs in Douglas County Kansas and the Lawrence Kansas real estate market.
Thanks!
Rob Lang, ABR, ePro, GRI Realtor®
Realty Executives, Hedges Real Estate
300 Rockfence Pl, Lawrence, KS 66049
785-393-2274 (cell) 785-542-1661 (fax)
rob@LetRobDoIt.com http://www.ihaveaddresses.com/
NOTE: This blog was written in the past about properties on the market at the time of the blog being written and should not be considered as active listings beyond the date of this blog.
