buying property/redemption right

[Bruce Runn]

I found 2 properties that have been foreclosed on and have upside/equity if marketed differently.  Bank bought the foreclosed property for about $200,000 but property is worth $300,000.  If the redemption expires in less than 2 months, how motivated do I need to make my offer and is it better to sign a purchase agreement/double closing to pass the money for redemption?

[Simon Campbell]

First, once a redemption period passes, you still have to wait until the bank lists the property with a real estate agent. This can take months even years. Banks do not deal with buyers directly.

If you have the cash, why not contact the original property owner and have them redeem the home and then sell it to you. Offer them $5k for their effort. It is more than they will ever see if they just let the redemption period pass.