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Highest Bidder / 2nd Highest Bidder

by foreclosureuniversity ⌂ @, Thursday, April 28, 2005, 17:50 (5140 days ago) @ Stjohns

� 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 excercise 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 cloased 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 most states, once the auction is over, it's over. If the bank is the highest bidder, then it becomes theirs after the redemption period. However, there may be a chance your investor friend can pick this up from the lender. Besides, they are going to sell it to someone anyways if the property goes back to them.

--
Good Luck
ForeclosureUniversity.com


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