I am about to go under contract with a local Credit Union in Alabama to purchase a foreclosure from them. The property will still be eligible for the Right of Redemption for another 6 months. My intent is to BRRRR the property so if the original owner comes back and wants to buy it back, my understanding is I will have to sell it at the current mortgage meaning I would lose any money I have put in for renovations. I am buying for 105K and with 35K, should be worth 200K. Is it worth pursuing and loosing any money invested for rehab? Any thoughts or advice are welcome.
Updated about 1 month ago
Update- the owner is deceased. so it would be his children that could potentially redeem
No way, without some form of legit qcd or redemption rights from the heirs. Also, there is no way to get title insurance for this so no lender is going to lend on the purchase.