Home Buying in New Haven>Question Details

Aoliver, Home Buyer in New Haven, CT

If my house was sold on auction, can I buy it back while transfer had not yet gone through?

Asked by Aoliver, New Haven, CT Thu Dec 6, 2012

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Maggie Griffin’s answer
You DO want an attorney to answer this question. Every circumstance is different in homes sold at auctions and the homeowner buying it back. There are options you can discuss with a real estate attorney in regards to your question and I do recommend you seek the advice of an attorney if that is your plan.
0 votes Thank Flag Link Sat Dec 8, 2012
There is something called a 'redemption period' which may allow you to pay off the entire mortgage and all the associated late fees and foreclosure fees to retain your home .. but this is rare as you wont typically be able to get a loan for this and it is a lot of cash to come up with on short notice.
0 votes Thank Flag Link Thu Dec 6, 2012
I recommend that you consult an attorney knowledgeable in foreclosure as you have to come up with money to cure the default, attorney fee, and other expenses.
0 votes Thank Flag Link Thu Dec 6, 2012
Do you have the funds...consider consulting with an attorney who specializes in real estate....
0 votes Thank Flag Link Thu Dec 6, 2012
If you have the money to buy it back the last lender may be entitled to some or all of what you have if there was a deficiency when the house was sold. Get an attorney that knows the foreclosure process before making an offer. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Thu Dec 6, 2012
It will depend if you state has a redemptionperiod to allow you to do that. If not you should contact your bank and inquire or seek the advice of an attorney who can negotiate for you. Good luck working things out
0 votes Thank Flag Link Thu Dec 6, 2012
Most states have a redemption period during which the owner can redeem their home. Contact a lawyer to find out the details as far as time frame and requirements.
0 votes Thank Flag Link Thu Dec 6, 2012
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