Posted by AWWMi. on June 28, 2001 at 24:46:36:
Some postings today about redemption rights ‘after’ the sheriff’s sale got me to thinking…(Is that smoke I smell?) Anyways, as I understand it the owners have rights to the property for a specified amount of time after the sale depending on state’s statute. When someone buys at auction just how does the rights to property work? Can you rent the property out before the redemption period ends as mentioned in a post below? What if the owners stay in the house during redemption period? Do you just sit and wait for the redemption period to end? If the house is ‘Vacant’ when purchased I could see renting it out for cash flow and the redemption period can be reduced by legal work in that case. How would you protect your property from the owners once you buy it at auction especially if they’re living in it rent free? Some of these folks can be pretty vindictive when they actually leave. I’ve seen and smelled some of these properties before. Is this all just a part of business with buying properties at auction?
Thanks for any input,