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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Post-sale REO arena in a mortgage state. Posted by Ward-CA- on February 26, 2002 at 6:50 AM In Reply to: Foreclosure help in MN? posted by Barry on February 26, 2002 at 5:57 AM : New to the foreclosure game....Looking for some help. : Most of MN 'sheriff sales' have 6 or 12 month redemptions which seems to keep most investor bidders away. (myself included). : The only exception to this rule are prperties that have already been abandoned and then the redemption period is only 5 weeks. : A few questions I have are: : 1. Is it possible to get into any of these homes to see what the condition is before sale? (I have asked and been told 'no', unless I have permission from the mortgage holder.) : If this is true, do I need to make an educated guess on what the propert is worth from looking at the outside?? (estimated repairs, etc.) : 2. Who does the mortgage company sell the homes to after the 6 month redemption period? Can they be contacted? Do they sell the home for what they bid at the sheriffs sale 6 months earlier(plus any other fees accumulated)? Or do they only sell to known realty companies, etc.? : I have more questions, but lets just start with these. : Thank you in advance for any help you can give. =•=•=•=•=•=•=•=•=•=•= Barry, Have you ever considered buying from the defaulted owner their right of redemption when you buy the property at auction? That way you’d hold both the certificate of title and the redemption right and wouldn’t have to wait thru redemption period since you own the right. Just a thought. 1. We rarely get into see the interiors of any foreclosures prior to the sale. So we make educated guesses by looking at the exteriors and equating that picture with the probable condition of the interior. 2. Lenders sell their “real estate owned” (REO’s) to the highest bidder around. They can be contacted and will often deal directly with buyers, though they much prefer to have a local real estate company represent them in the offer/counter offer routine. Most lenders really like to deal with corporate entities that can buy a half dozen or more houses from them at a time rather than dealing with fussy individuals that want to paw all through their inventory looking for the best of the litter. Hope this helps. Follow Ups: Right of redemption? Barry 8:52 AM, 02/26/02 (4) More clarification on working with redemption rights. Ward-CA- 8:41 AM, 02/27/02 (3) How to buy the 'right to redeem' Barry 11:17 AM, 02/27/02 (2) Re: How to buy the 'right to redeem' Jon 7:24 AM, 04/14/02 (0) You'd negotiate what you think is fair... Ward-CA- 9:00 PM, 02/27/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : New to the foreclosure game....Looking for some help. : : Most of MN 'sheriff sales' have 6 or 12 month redemptions which seems to keep most investor bidders away. (myself included). : : The only exception to this rule are prperties that have already been abandoned and then the redemption period is only 5 weeks. : : A few questions I have are: : : 1. Is it possible to get into any of these homes to see what the condition is before sale? (I have asked and been told 'no', unless I have permission from the mortgage holder.) : : If this is true, do I need to make an educated guess on what the propert is worth from looking at the outside?? (estimated repairs, etc.) : : 2. Who does the mortgage company sell the homes to after the 6 month redemption period? Can they be contacted? Do they sell the home for what they bid at the sheriffs sale 6 months earlier(plus any other fees accumulated)? Or do they only sell to known realty companies, etc.? : : I have more questions, but lets just start with these. : : Thank you in advance for any help you can give. : =•=•=•=•=•=•=•=•=•=•= : Barry, : Have you ever considered buying from the defaulted owner their right of redemption when you buy the property at auction? That way you’d hold both the certificate of title and the redemption right and wouldn’t have to wait thru redemption period since you own the right. : Just a thought. : 1. We rarely get into see the interiors of any foreclosures prior to the sale. So we make educated guesses by looking at the exteriors and equating that picture with the probable condition of the interior. : 2. Lenders sell their “real estate owned” (REO’s) to the highest bidder around. They can be contacted and will often deal directly with buyers, though they much prefer to have a local real estate company represent them in the offer/counter offer routine. : Most lenders really like to deal with corporate entities that can buy a half dozen or more houses from them at a time rather than dealing with fussy individuals that want to paw all through their inventory looking for the best of the litter. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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