Question regarding Quit Deed Claim and Auction.com

[Changseok Kim]

Hello BP members, 

I have a question regarding foreclosure sales and Quit Deed Claim. 

I found a bank owned property that went on sale at Auction.com. When I went there to check out the property, I found a sign saying that the property was purchased by a company through Quit Deed Claim, and the property will be redeemed by Oct 2022. 

So I checked the public record to see how the title has been transferred. The title of the property was transferred to the company through the Quit Deed Claim in Jan 2022, but the property went through sheriff sales on May 2022, and now the property is on sale at Auction.com. I observed the same thing done by the same company before. 

Here are my questions:

(1)  Why does this company let the Sheriff Sale happen if they already purchased property from the previous owner?

(2) What happens if I purchase this property from Auction.com? Since the property went through the sheriff sale and now bank-owned property, would the property be mine if I purchase from Auction.com?

I will appreciate your guidance. 

Thank you!

[Bob Reinhard]

 If you If you bid at the auction and win you will not be buying the property from auction.com; only bidding on their platform. It acts as agent for the owner of the property and the owner of the property will transfer title to you through its legal representatives.
Please also be guided accordingly if you will be bidding, because auction.com will bid against you on behalf of its client this is disclosed but most people fail to realize this.
Much success.