Hi all,
I was wondering if somebody can help me answer some of my concerns. I was thinking about acquiring a property that is in redemption period in North Jersey. I am a bit
worried since I have never acquired one like this. Are there any
gotchas/things to know? Basically, the way I understand it is I am
going to have to come up with the full judgement amount to redeem the
property and give the owner some cash to walk. Who do we need to
contact to redeem the property (plaintiff’s attorny, bank, court?)
What happens to the auction’s highest bidder? Can he sue or try to
claim the property somehow? Can the courts reject this redemption for
some reason? Can the bank not accept the monies? Thank you very much
in advance for your input as you can see my concerns.
Sincerely,
Ed Rakovsky