Right of Redemption Period

4 Replies

Hey investors, I am thinking about biding on my first REO house. The auction ends in two weeks, however the redemption period doesn't expire until 02/15/18. If I win the bid and close on the house in the month of September, does the past owner still get until February to make their decision?

Verify your facts; banks won’t typically sell properties during a redemption period.  While some states may have say a 12 month redemption period, it is lessened or eliminated if the property was vacant at the time of the foreclosure auction.