Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 10 years ago on . Most recent reply

User Stats

742
Posts
924
Votes
Bruce Runn
  • Investor
  • Minneapolis, MN
924
Votes |
742
Posts

buying property/redemption right

Bruce Runn
  • Investor
  • Minneapolis, MN
Posted

I found 2 properties that have been foreclosed on and have upside/equity if marketed differently.  Bank bought the foreclosed property for about $200,000 but property is worth $300,000.  If the redemption expires in less than 2 months, how motivated do I need to make my offer and is it better to sign a purchase agreement/double closing to pass the money for redemption?

Most Popular Reply

User Stats

612
Posts
189
Votes
Simon Campbell
  • Miami, FL
189
Votes |
612
Posts
Simon Campbell
  • Miami, FL
Replied

First, once a redemption period passes, you still have to wait until the bank lists the property with a real estate agent. This can take months even years. Banks do not deal with buyers directly.

If you have the cash, why not contact the original property owner and have them redeem the home and then sell it to you. Offer them $5k for their effort. It is more than they will ever see if they just let the redemption period pass. 

Loading replies...