Posted by John Merchant on October 02, 2007 at 12:58:06:
Redemption rights differ state to state* so you should first read your statutes to see what the law is (where the property is), then read whatever commentaries and/or case decisions exist that reference those statutes.
You’ll need to find the bound book volume of your statutes, as court decisions and commentaries aren’t so easily found online…and your closest county law library, at the courthouse, will have these paper bound volumes for use by public.
It’s quite common to put a property up for sale prior to seller’s getting complete fee title…but he’d better have the ironclad, guaranteed right to get the title or he’s likely to get sued otherwise.
*My state of WA has NO redemption rights following foreclosure
We’ve been having the opportunity lately where out of town owners in foreclosure are wanting to give us the deed to their house after the foreclosure sale date. One thought is to file an intent to redeem and then list the house for sale (as we would be the current owners holding the deed) and try to get it sold during our redemption period. Is this a legal practice and in short, what are the precautions?
Re: foreclosure redemption period - Posted by Bill Jacobsen
Posted by Bill Jacobsen on October 06, 2007 at 11:45:27:
As John said, some states have redemption rights and some do not. Also, in states with rights the length of time that the rights exit vary.
Former owners cannot give you the deed after the foreclosure date because they are no longer the owners. What you can do is buy their redemption right.