Can you buy a foreclosed home?

Question

Hello Can you buy a foreclosed home because i grew up next door to this lady and she has lost the home i even went online to look at the taxes on her home and it says foreclosed because it was owed 4500 in back taxes the lady was trying to sell the home for 15000$ is that possible? because the home has gone into forecloser..

Wayne Brooks · Answer

First, we don’t know what kind of auction this is, but it sounds like it is for taxes, not a mtg?  In either case, yes, you can buy the property from the owner Up Until the auction actually occurs.  In some states the owner has the right to redeem, repay the amount sold for at auction plus some fees, for a certain amount of time After a tax auction.

Trevor Johnson · Answer

@Frankie Betancourt Your best bet at this point in the process in my experience is to attend the Sheriff Sale and be sure to have the funds available, all sheriff sales I know of, like Jon said, are cash only and 'as is' obviously. You should find all the necessary information at your local county courthouse.

Frankie Betancourt · Answer

So you are saying currently right now if i were to give the lady 15000$ right now and go see an attorney i could pay the taxes on the home and get the deed on the home and it would be a normal transaction and the house would not go into the auction and foreclosure?

Jon Holdman · Answer

The key event in the foreclosure process is the auction.  AKA "sheriff's sale".  Prior to that point you would buy from the current owner.  You can buy at the auction, if the starting bid is low enough to make it worthwhile to bid.  IDK about MI, but in many areas these are cash on the barrelhead.  Or, after the auction you can buy it from the winning bidder.

Prior to the auction it will be a pretty normal transaction.  At or after the auction you need to do a title search and understand what other liens and encumberances might be attached to the property.

Can you buy a foreclosed home?

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