I am still trying to understand the foreclosure process. If a homeowner has a house that had gone to a Sheriff's Sale and then been bought back by the bank- does the Homeowner still have rights to sell the home? Or is it too late?
Looks like you can redeem up until the court approves the sale. After that, there are no redemption rights. How long has it been since the property sold at auction?
The property went to auction on April 9th and the bank bought it back. My husband was contacted by the homeowner in response to our direct mail and theowner is willing to allow us to purchase the property for whatever price the bank will accept (loan amount and penalties)--he just wants to avoid the completion of the foreclosure.
First of all, I assume this is an Oklahoma property, correct?
I don't know how long it takes to confirm a sale in Oklahoma. First thing, is to call the court and figure out if the sale has been confirmed yet. If it hasn't, I would get a lawyer, sign an agreement with the homeowners to redeem the property and simultaneously intervene with the court to redeem the property. A real estate lawyer in Oklahoma who deals with foreclosures can make this efficient for you.
If it has been confirmed, I would start talking to the bank about buying it from them.
you might ask @Paul Choate but from my understanding it has changed in oklahoma and when you buy it at auction, even the bank, the deal is over and no turning back.
The last day in Oklahoma for a home owner to do something is the confirmation of sheriff's sale which is generally 20-30 days after the sheriff's sale. The dates can vary a lot so be sure to check as soon as possible.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.