I’m planning on attending a forclosure auction on the 19th of this month. If Im the winning bidder how long to I have to close the transaction? I asked the Clerk of Court in the county in which its to be sold and she said I would have to wait 10 days for an upset bid. Here’s my question…After the 10 day grace period for the upset bid, how much time will they give you to close? I was told it depended on the bank. I would need at least 30 days. Thanks, DDC
The answer to your question depends on where you live. In Minnesota, the homeowner being foreclosed on has 6 months to redeem the property after the sheriff’s auction (what it’s called in Minnesota). Typically, it’s the mortgage company that buys the house at sheriff’s auction. Your question can be brought to any real estate broker in your state - they can even represent you at the auction, I believe. If they don’t know the answer, they probably shouldn’t be licensed!
Basically, your biggest problem in buying a foreclosure at the sheriff’s auction is the possibility that the buyer will lawfully redeem their house, leaving you in the cold. Another more likely possibility is that the mortgage company will bid too high for it to be a good deal for you.
But, I only know Minnesota real estate, so hope I didn’t waste your time! Good luck.