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?
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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