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.
Does it actually say 2/15/18? If so it's already passed...
Great catch, it should have said 2/15/19. My realtor said I would have to wait until April of 2019 to get into the house. Doesn't seem right to me.