Pay Preforeclosure Short Sale Prices in Redemption?
Is it true that banks would accept a preforeclosure short sale price after the foreclosure sale?
It's true. this will be about the 4-5 time I've heard the banks say they would not stop the foreclosure sale. They would, however, if your price was good, they would sell it to you at the short sale price during the redemption period.
The redemption period is the time AFTER the foreclosure sale when the defaulted homeowner has time to buy the house back. In my counties in Southern Ohio and most of Ohio it is about 30 days. It is the length of time it takes to have the deed changed into the name of the new buyer, whether it be the bank or someone at the sale.
In Michigan, it is six months. So you see it can vary drastically by state. It is a state law.
I had 4 deals in Detroit that did go to sale. Two of the four banks said they would still sell it during the redemption period. I've had 2 in Cincinnati say they would still sell it during the 30 day redemption.
This saves time and money for the banks. The homeowner can stay in the house during the time of redemption. so in Michigan, it is another 6 months that the banks lose the monthly payment and interest. They also have to pay taxes and insurance on the property during the time. It can be expensive.
So if the bank won't stop the foreclosure sale, ASK if they will sell it during the redemption period. The worse they can say is no. Ya' Got toAsk! Deb
For more timely information like this, go to
It's true. this will be about the 4-5 time I've heard the banks say they would not stop the foreclosure sale. They would, however, if your price was good, they would sell it to you at the short sale price during the redemption period.
The redemption period is the time AFTER the foreclosure sale when the defaulted homeowner has time to buy the house back. In my counties in Southern Ohio and most of Ohio it is about 30 days. It is the length of time it takes to have the deed changed into the name of the new buyer, whether it be the bank or someone at the sale.
In Michigan, it is six months. So you see it can vary drastically by state. It is a state law.
I had 4 deals in Detroit that did go to sale. Two of the four banks said they would still sell it during the redemption period. I've had 2 in Cincinnati say they would still sell it during the 30 day redemption.
This saves time and money for the banks. The homeowner can stay in the house during the time of redemption. so in Michigan, it is another 6 months that the banks lose the monthly payment and interest. They also have to pay taxes and insurance on the property during the time. It can be expensive.
So if the bank won't stop the foreclosure sale, ASK if they will sell it during the redemption period. The worse they can say is no. Ya' Got toAsk! Deb
For more timely information like this, go to
posted by Deb at 6:01 PM
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