My son is just getting into the Foreclosure business. I will tell him about your site and e-books.
In the meantime, I have a question in regards to Foreclosure Sale.
We live in Colorado, USA
When the Foreclosure Sale takes place, and the Lender (who foreclosed) out-bids the highest bid to insure they are owner until the 75 day Right to Redeem period is over, does the second highest bidder (not a junior lien holder) have first right to purchase the house if the original owner does not exercise his option to redeem? The reason I’m asking this question, The foreclosure sale has already taken place on our house. We have been trying to redeem our property. We have less than a week left and it is not looking favorable. We do have investor who will buy the house and do a rent-to-own agreement with us. He can’t get his loan closed by May 2nd. So, our lender told us he could call the attorney that handled the foreclosure. But they said he can’t call them until 5:01 pm on May 2nd. What if someone else put a sale bid on the house before our Lender Chase put their bid on our house? Are all bids off at this point? If our investor offers the redemption price plus associated costs does he have a good chance of buying the house from the lender?
Instead of having the lender call the attorney, You need to call the attorney and find out your options. If you can’t get ahold of the attorney, then call your title company. Every state is different. In some states, once the auction is over, it’s over. If the bank is the highest bidder, then it becomes theirs as long as there is no redemption period. We wrote an article on how these redemption periods work and what states have them after the auction. However, there may be a chance your investor friend can pick this up from the lender. He needs to find out who the listing agent is and make them the offer before it hits the MLS. We wrote an article on this as well… Besides, the bank is going to sell it to someone anyways if the property goes back to them, because the bank doesn’t want it.
I too live in Denver, CO and I know for a fact that another bidder cannot come along and over bid the bank at this point. That has to happen at the auction. The best option at this point is to pray that the lender shows the investor mercy and accepts his short sale. Otherwise, I’m sorry to say that your house is gone.