Tax Redemption Period Deal. Will it work this way?
Hi everyone,
I just got a call from the owner of a nice condo in Michigan. Her situation is that she has until the end of the month to 'buy back' her property from the county before it goes to auction.
What she wants from us is basically a partnership. She wants us to give her enough money to get her house back plus a little of her equity. In return, we would have to do light rehab to the property and then we sell the house and split the profits. There's plenty of room for money, however, I'm not entirely sure of how exactly we would make this happen from a legal standpoint. According to the seller, she is the only one that can buy the house back for that price. Makes sense, but if her name is on the deed - How could we enforce the terms and make sure she sells?
We would obviously have to have an attorney involved. I'm curious though if anyone else has any experience dealing with situations similar to this one and if they can shed any light on the pitfalls.
Thanks!