I’m not sure if I am asking this right, but here it is anyway.
After a house goes to the foreclosure sale, the homeowner has a redemtion period. (75 days here in Colorado) During that time is it possible to submit an offer to the bank that is foreclosing? Let’s assume that the offer was one they would accept. Can the bank then sell the home to me AFTER the redemtion period expires, and not go through the entire listing process with an agent etc etc. Has anyone done this before, or heard of this working?
Hi,
Here in Ohio, the redemption period is 30 days after the sheriff’s sale. If someone had gotten the bid accepted, then the owner still can ask the court for redemption rights. That’s why it takes so long to close a property.
However, If the house has not gone to sheriff’s sale, the homeowner can still redeem this at anytime after foreclosure until it is auctioned off. (That’s why some homes for sheriff’s sale are canceled.)
Hope this helped.
Linda
Sorry, I forgot to answer your direct question.
The bank will not deal with you direct until after they have bought it back at the sheriff’s sale.
They said they must have title to the property before they can legally sell it. Anytime during the foreclosure, you can do a short sale, but, it must be done with the homeowner involved. If the homeowner does not cooperate with you, then NO SALE!!! Only when it becomes an REO can you deal with the Bank Direct.
Linda