how do you find people with redemption rights. what do you look for when you do find someone? are these good deals or not
Howdy Fozzy1984:
Are you in a state where mortgage foreclosures can be redeemed? If so what is the time frame? You basically find a house that has been foreclosed that has equity. That is what you are looking for no matter what approach you take. Find a house with equity and approach the folks and ask what their plans are. If they have they moved out and given up then you may have a good chance of getting the house cheap. If they owe the mortgage company what the house is worth or even more then you may be able to get the lender to take a discount. This would be better do if you have a deed from the owners which will give you the redemption rights.
Are these good deals? Depends on the amount of equity and what you have to pay the owner.
so if the house was auctioned off to someone else i am still able to buy the redemption rights from the original owners? I wouldnt been able to get the lender to take less for the house if it was auctioned to someone else would i?
Howdy Fozzy1984:
Yes that is correct, if another person buys they will get the money plus the interest and you can redeem the property and the bank has their money so the deal is done as far as they are concerned and the buyer would not take less either. LOL