Redeeming property - help

[Greg P.]

Hello, lets say that the owner is in the redemption period and is willing to sign the deed over to you for $1,000. How does the deed actually actually signed over? Is there contracts involved? Thank you!

[Jon Holdman]

The owner can't sign the deed over because he doesn't have one. What he can sign over are his redemption rights. As far as the mechanics, I don't know. You can try calling the trustee and ask what they would want to see to allow you to redeem. They could also tell you exactly how much it will be. A title company might be useful, too. The best advice is to speak with a lawyer who's familiar with the foreclosure process in your area.

I would think there would be a contract or purchase agreement between you and the homeowner transferring their redemption rights. But you want to do that carefully so you know for sure you are the one and only one to do that deal with the owner.