Updated about 18 years ago on . Most recent reply
Financing and right of redemption
My financing sources will not finance a bank-owned property with any time left on the "right of redemption." I have pre-approval to do 4-5 of the 50,000 deals that meet MikeOH's 50% rule but it isn't much good to have the funds available if the lenders will not finance.
Most bank-owned properties I have found, the REO officers are cutting prices and willing to deal, but here in Alabama, the one year right of redemption is holding up my financing.
Any ideas?
By the way, bought MikeOH's book. Well worth the price. Great job, guy!