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Updated over 5 years ago on . Most recent reply presented by

User Stats

15
Posts
10
Votes
Jeremiah Dexter
  • Investor
  • Eagan, MN
10
Votes |
15
Posts

Auction.com Winning Bid, occupant is selling in redemption period

Jeremiah Dexter
  • Investor
  • Eagan, MN
Posted

In need of direction. 
We won a forclosure on auction.com with a quitclaim deed (not great but we checked for other liens and there were none). House is still occupied until June (4 more months) until the redemption period is over. However, we just found out they have the house under contract and listed on the MLS and due to close in 2 weeks' time. My big question, what will happen with the house since I hold the quitclaim deed, are they still legal to sell? Also, the bigger question, what will happen with the cash we used to purchase the property? Thank you for any response.

Located in Minnesota if it helps. Also, we are unable to acquire title insurance until after the redemption period. 

Most Popular Reply

User Stats

15
Posts
10
Votes
Jeremiah Dexter
  • Investor
  • Eagan, MN
10
Votes |
15
Posts
Jeremiah Dexter
  • Investor
  • Eagan, MN
Replied

We closed today. The quitclaim deed will be recorded by our title company. Contacted the listing agent and they believe they can still sell the property. Contacted auction.com and they said we may be out of the money beyond the sheriff sale price that occurred. Which also was significantly lower than what we paid at auction.com.

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