Discounted Purchase of Foreclosed Home

06/27/2009

Tom Alexander recently assisted a client new to Minnesota in purchasing a multi-million dollar house out of foreclosure by purchasing the sheriff’s certificate directly from the foreclosing lender prior to the borrower’s and junior creditor’s redemption periods having expired. By using this strategy (rather than buying the house from the borrower on a short sale transaction) the client was able to obtain a very nice six figure discount on the total cost of the acquisition and what the client had planned to pay for the property prior to talking to Tom.