Can anyone enlighten me regarding the viability of buying a distressed purchase property in the USA?

Question

I am under the impression that a person whos property has been repossed by the bank building society etc. can re purchase the property should he come into money , for the same price as the new owner paid for it irrespective of any monies spent on the property by the new owners to improve or enlarge same .and that their is no time limit to when he can do it.Is this fact ?

Answer 1

No, does that make sense to you? Once the bank forecloses, the original owner has lost all ownership rights to that property.

Once the bank sells the property, the new owner (and his lender) have all the ownership rights.

Why do you think the first owner can waltz back in and take away the house after it is sold? And what is it about that particular house that makes you REALLY want to buy it back? It's just a building.

There is real risk to buying foreclosed properties. You better learn what they are BEFORE placing your bets.