I've been wanting to get involved in Real Estate Investing for a while now, but have had that fear of failure, so I haven't taken action until now. I have found a foreclosure that has already gone through auction with no bidders, so it will be going back to the bank and be in a six month "Redemption" period. I'm not sure exactly what that means, but I know that banks don't want empty houses sitting on their books. I know this house would be a great investment as a rental property. Rentals are being grabbed up as soon as they are listed in this area. I want to take advantage of the market right now, but I don't know what step to take next. Do I contact the bank that currently holds the lien on the property and try to negotiate a deal with them?
Rookie: Eager to get started/Need Help!
Who is Dean Graziosi?
Are People Actually Successful?
Does Dean Practice What He Preaches?
What Deals Are The Students Doing Right Now?
Redemption
Hi there. First off congrats on stepping out of your comfort zone and taking action. Now Im not sure if this goes for everywhere but I live in Oregon and the the redemption stage is a point where the bank has taken back the property and the old owners have 6 months to bring there payments, taxes,etc current and can take back there legal possession of the property. Again this might differ state to state but I do believe fairly typical. I am very new at this myself but have gone to auction and spoke with the sheriff about this. I also got clarification from other investors in my area. I really hope this helps.
To your success