I’m considering buying my first foreclosure in Minnesota soon. The owner died long before the notice of pendency was filed and I cannot find any probate records to determine heirs. I was considering buying at the sheriffs sale (foreclosure by advertisement) but am worried about another more experienced investor tracking down the heirs and buying the redemption rights (but if I can’t find them maybe they can’t either)? I’m fine waiting out the redemption period before taking possession but I don’t want to tie up funds if I’m not going to get the property in 6 months. Am I better off waiting for the lender to win the auction and tracking down the heirs to buy their redemption rights? Are there any resources used for this? Thanks
If you have lots of funds and the spread is good, go for the buy, and the rights. You can also file for early extinguishment. If you have only funds for one or two deals, I’d go for the rights and future deals.