Bought my first Sherriff Sale property 6 month right to rescind?
Hello new guy to these forums and have been doing a little research on here about auction properties.
I have bought a few homes through REO's and Trustee auctions with great success. I just bought the pictured home yesterday at a Sheriff's auction.
Paid 93k one other bidder, only one lien for 1st and bank had credit bid at 83k. Owner deceased and bank, HOA, IRS listed on notice. Home is in great condition it has sat for a year winterized and maintained by property management company. It is a easy flip with new carpet and clean up at $125k which is $5k less than any comparable or easy $800 mo. rent as-is on short term lease.
My question is about the 6 month right to rescind? I would like to flip ASAP but will not be granted clear title for 6 months and I would rather not rent to non-buyer. Is there anyway around the 6 month period? If not do I insure it? I already changed locks and have utilities ordered. I don't plan on improvements until clear title. My thought is advertise as Lease Purchase, not a option, but a purchase and sell agreement with a closing date with conveyance of clear title to me and discounted rent paid until closing. Thinking about like 5k down with 4k credited to buyer at closing for their down payment, flooring allowance, closing cost etc.
Thoughts, concerns anything I have missed?