Selling after a Foreclosure Auction
How to Sell real estate after a foreclosure auction
Many people don’t realize that they still can sell a property after a foreclosure auction. Here we are discussing MN laws. Each state’s law is different, please contact an attorney in your state for legal advice on how redemption works in your State.
After foreclosure sale you may have a redemption period from 5 weeks to one year, depending on how much equity is in your home and if it’s an agricultural property or not.
Redemption means that you can buy the property back from the sheriff by paying all legal costs on top of your foreclosure sale price.
What if you don’t have money to buy the property back from the sheriff? You can put the property up for sale and the buyer will pay the sheriff the costs and if you have enough equity, the equity will go to you at closing.
Selling after foreclosure increase your costs, because legal fees, attorney fees, and all allowable costs get added on top of your mortgage balance, thus you are getting less cash. The process of selling after foreclosure is really easy when you work with Real Estate Liquidators.
We make everything super easy:
- When you are ready to sell your redemption rights, contact us by phone or submit your info through our contact page. When you contact us please have a figure in mind how much you want to receive for your redemption rights. We will not be coming back with a counteroffer. We want to give you what you need. It needs to be a win-win for both of us.
- When we are in agreement, we create a purchase agreement and send it to you for review via email. You don’t have to print or scan anything. You can just accept an agreement electronically and save a copy for your records.
- After we receive an agreement back we pay for the title work and inspection. If title work comes back clean and there are no major issues with the property we schedule a closing with the title company.
- On the day of the closing you come to us with your ID and pick up your check. No worries if you are far away from Minneapolis, we can schedule a remote closing and come to your place or even do a closing in another state. We will ship you the documents that you will need to execute in front of the notary and when we get them back, www.WestTitle.com will wire you the proceeds.
- After you receive the funds and are 100% happy with the transaction, please write a review about us here because our business is based on referrals only. Real Estate Liquidators – Google Search