Posted by Paul on September 17, 2004 at 08:12:02:
Thank you for your quick reply. I was brainstorming while looking at the legal news when I thought about that. I was thinking about the high end homes in upscale neighborhoods where it would be hard for a lender to sell the house in a short amount of time to regain their interest in the property. Why not talk to the bank and offer something under what is owed to take that off their hands. Any comments or opinions?
After auction what happens - Posted by Paul
Posted by Paul on September 17, 2004 at 08:00:05:
Lets say no one takes the house at auction and the redemption period is 6 months for the homeowner. Well what happens to the house during that period after the auction? Does the bank have a hold on it? Can you negotiate with the bank to take it off their hands maybe at a small discount before they are in a position to have to try and sell it?
Just a few thoughts. Anybody interested in responding would be helpful.
Re: After auction what happens - Posted by Tom-FL
Posted by Tom-FL on September 18, 2004 at 16:49:44:
So, what happens if you actually did buy a house from the bank during the redemption period, and the homeowner comes along 5 months after the auction and redeems the house? Wouldn’t you be out a bunch of money? The redemption is at the gavel price, not anything you put into it since then.
You might even have to sue the bank to get your purchase price back. Forget about your closing costs and improvements.
You would be much better to purchase the redemption rights from the owner and redeem for the auction price.
Re: After auction what happens - Posted by Bill H
Posted by Bill H on September 17, 2004 at 19:35:51:
Anything done by anyone during the redemption period is subject to the owner’s rights of redemption.
Bill H
Re: After auction what happens - Posted by John
Posted by John on September 17, 2004 at 08:04:15:
In many states there is no redemption period if the sale was a trust
deed sale (foreclosure).
You can try to negotiate with the bank. Many will use a broker to list
the property. Some fix it up before selling while others sell as is.
It varies by lender and sometimes by who you happen to be dealing
with at the bank.