But locating your sellers, you must state your case. Expect to offer any
where from $500 for a Taco Hut to $50,000 for a mansion with deep
equity.
You must take note that in 2018, competition for Rights of Redemption deals has increased ten
fold. So be prepared to let major disappointment roll off your back if and when a competitor beats
you to the deal. It will happen regularly. Why? The R of R niche is the only way an investor can
acquire the deal for the cheapest and with the least out of your pocket. Note: it will be
difficult to over come this disappointment. Why? Just to get there, you will have spent countless
detective man hours tracking down your sellers just to rudely be hit in the face with major dis-
appointment to learn someone else beat you to the punch. Sorry, that goes with the territory. Be
prepared, that’s all.
But when you find a seller to say yes to your offer, have your real estate lawyer standing by to
prepare the docs. All you need is 24 hours. This then will give you control of the property. Either
you will want to fix and flip yourself or simply resell your Redemption Rights. But note you or your
buyer will still will have to pay off the court to the sum of the auction and the legal fees to that
mortgage company’s lawyers.
Note: Within a week to a couple of months after the auction, the judge will sign the order making
that auction official. From that point in New Mexico, the buyer will have 30 days up to 5pm
to pay the bank or the property goes back to them as a REO.
And the bank wants the property back. Do you think they want to sell it off for as cheap as you
could have bought it for? Especially, when they already have in house the teams of repairmen. Es-
pecially when they have in house realtors to sell it at full price? They want to make the profits that
the investors have been making.
So now, you go out and make it happen for yourself. If you
have any questions please feel free to contact me, Ronn Perea at
www.abqre.com.
www.encantadomag.com
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