After Foreclosure

[Tatetytiffany]

OK my house finally sold at auction on Nov 6. Bank purchased it for 145,800. I have a 90 day redemption period and have already found a place to rent which we will not move to until Dec 1. Heres my question. Local guy comes to my house and wants me to assign him the redemption rights and quit claim the property to him. He says he wants to fix up the house and try to sell it or he will purchase it from the bank before the end of the redemption period. The reason he did not pruchase at auction was he did not want to tie up his money for 90 days and didn't know what shape the house was in. He is willing to sign a agreement that I can stay here until Dec 15. Does this sound ok? Should I sign or tell him to get lost?

Thanks

[Westlane]

...thats a scam if i ever seen one! and whats in it for you anyways?? you already have 90 days redemption right? let this guy deal with the bank, after all, they purchased it and have title rights to the property after the 90 day redemption period is over.

[BassBoy]

I agree! Make this guy work with the bank and buy the house from them. I would suggest that you avoid that racket, get ready to move and leave it alone.

[kiddles]

There are folks who buy redemption rights - but in many jurisdictions, the Courts haven't really decided that a "redemption right" is an asset that can be sold. (Similar to arguing that you can sell your right to bear arms, etc.)

You can't however, quit-claim the title to him - the bank bought the property at auction and now owns it. The only way you could grant him the deed to the property is for you to excercise your right and redeem the house, then sign it over to him.

[Tatetytiffany]

Ok thanks for the info. A realtor that my wife knows also called and wants to try to sell it before the end of the redempiton period. She stated it would help my credit if the house is sold and redeemed instead of just letting it sit here. I doubt it can be sold for what the bank wants but I may try that.

Thanks again.