Is it possible to put a bid in for a lower price on a home in its redemption period? The redemption quote for

D Down
Home Buyer
48047

the home is about half the price (mid-100's) of what it sold for 7 years ago (high 200's), and the home is in decent shape and livable. Just wondering if I could get a better deal?

Answers (2)
Dolores Gaskell
Agent
Chesterfield, MI

Banks are working with sellers right now during the redemption period. The short answer is yes because the banks would rather avoid the costs involved in foreclosures and taking back the property. Just make sure that you have knowledgeable agents working on the transaction.

Mon Jul 27 2009, 12:35
Sonya Loose
Broker
48624
FIRST ANSWER

D - is the house in redemption period listed? If it is, at this point the sellers have to get the bank everything owed plus fees and penalties. The lender will not usually look at a short sale at this point or in my experience if they will, the redemption period will be over before they finally make their decision. However, the sellers may not want to just give the bank the redemption amount but may want to try to make some money as well. Have your buyers agent do some checking for you. Good luck!

Mon Aug 25 2008, 07:25

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