Can we sell our home after the sheriffs sale?

[spooby72]

We are waiting for our foreclosure sheriff sale date and are putting our home on the market today. We were wondering if we had to have the home sold by the sheriffs sale date or if we could still sell the home during our 3 month redemption period?

[SinkingFast]

You'll have to read up on the Redemption rules in your state. That varies from State to State. Our state, we'd have to have 20% down + all delinquent taxes and fees within 20 days of the Auction to exercise our Right to Redemption. Then we have year to pay the remainder of the balance in full. And only the owner of record on the Deed can Redeem the property. No one else.

One thing you can do, to sell your house quicker, is get a Short Sale approved by your lender. You contact them, they tell you what you need to do. Then the Lender gives you the rock bottom $$ amount they'll take against your loan. You can find an investor willing to pay that $$ amount, pay all closing costs, etc, but you cannot make a penny. That gets you out of the house without Foreclosure on your Credit History.

You need to check the Foreclosure laws in your State as well. Our State has no provision to stop a Foreclosure once the process has begun. If we were to get an offer from a willing buyer at this point, the deal would have to be sold and closed before the Foreclosure Auction to avoid Foreclosure. That may not be the case in your State. Maybe if you have a solid offer in place, you can stop the Foreclosure. You'll just have to check.

I don't know if "Buying Back" during the Redemption period and then selling to someone else would get you outa having a Foreclosure show on your Credit Reports. That's maybe a question for your attny. Or maybe ask your Lender to explain it all to you.