King County Foreclosure - Owners can buy back after 1 year?

Question

A property developer told me they avoid foreclosures because the owners could come back within a year and re-claim their property. Is this true? I've been doing research, but can't find anything about this. The King County Foreclosure office wouldn't answer me and told me to speak with a lawyer.

This doesn't seem correct - that I'd buy a property, fix it up, and then the owners can take it back from me just by paying their back taxes.

Nic Werner · Answer

That's right - the word is redemption. Thanks both of you - I dug deeper and it is the Sheriffs sales where this redemption period applies.

Nic Werner · Answer

Thanks @Johanna V. And @Dean Phillips for the responses, very helpful! The wording helps when searching through.

Johanna V. · Answer

Yes, like @Dean Phillips explained. In my experience, I've bought foreclosure at the county steps by trustee a few years back. The property is yours the moment you hand over the check at the bidding, and nobody else is coming back within a redemption period.

Dean Phillips · Answer

These redemption periods are based on whether the loan was written with a clause for judicial or non-judicial recourse. Some states only operate with one or the other. Washington State allows for both. Judicial foreclosures are typically those that go through the sheriff's sales, while non-judicial foreclosures are the ones that are held at county steps by trustee's.

Wayne Brooks · Answer

@Nic Werner Read your state Statutes....many states have a redemption period for tax foreclosures.

Liz Koser · Answer

This is generally not true for the typical bank foreclosure, but it can be true for certain types of foreclosures. The foreclosures where I've seen a redemption or buyback period are sheriff sales and maybe some tax lien sales (not sure I've seen the buyback tax lien situation in WA). For sheriff sales there can be a 6-12 month redemption period.