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Yeah, based on what I understand from your other posts, this is the route I would follow. Why wasting my time with the bidding process? This sounds to me like the way to go.
How much time does he have to redempt the property? Are they required to pay interest on that money? (just like they do with tax liens, for example)
If it is a long period of time then you better talk to the other investor right away, try to get your money out as soon as possible.
And yeah, try to partner with him somehow... the market should support both of you.
Again, in any case, well done. Lesson learned. Move on quick.
There is a 3 month redemption process; however, since the property is vacant the redemption rights can be extinguished. That process usually only takes a month. And the investor that owns the redemption rights to the house I bought has done this process several times with vacant homes.
Yes, you receive interest on the money as well, I believe that you receive the amount that was receivable on the loan; which the homeowners loan had an adjustable rate mortgage that reset a couple years ago and the rate is now around 12%. So, that's not so bad, I guess; could be worse.
Thanks for the input!
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