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Posted by Mark Cicero on June 24, 2005 at 16:55:15:
In Reply to: Re: Redemption periods posted by Bill H on June 21, 2005 at 19:42:22:
Just wanted to comment on bidding on homes. I am also in Michigan with a 6 month redemption period to deal with. I have done all different methods of acquiring auction properties from purchase of redemption rights from the homeowners to bidding and waiting 6 months. I have utilized a fairly large line of credit that I had established from a local bank and bid from 2 to 5 properties per month in a tri county area to reduce my risk. Some I have taken hits on while others were better than I could have thought they would be. The key is to spread the risk as much as possible I would say. If dealing with limited funds, purchase directly from the homeowner. I still aquire most properties this way. I advertise cash for homes to the first insertions of the NOD's. Beyond this I also do foreclosure loss mitigation consulting for those that do not want to sell their homes. e-mail me if you have any questions. Mark Cicero foreclosureconsultantsinc@hotmail.com
