Home Buying in Summit County>Question Details

Cindy, Home Buyer in Cuyahoga Falls, OH

IF A FREDDIE MAC HOME HAS GONE THRU SHERIFF SALE, AND NOBODY BOUGHT IT SO THE BANK BOUGHT IT BACK.

Asked by Cindy, Cuyahoga Falls, OH Sat Nov 1, 2008

CAN THE OWNER STILL SELL IT? WOULD IT BE LIKE A SHORT SALE OR WOULD YOU HAVE TO PAY FULL PRICE........MEANING WHAT THEY OWE ON THE MORTGAGE PLUS FORECLOSURE FEES?

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WELL THAT IS WHAT I THOUGHT, BUT ANOTHER REAL ESTATE AGENT TOLD ME THEY HAVE 30 DAYS TO BUY IT BACK FROM THE BANK OR SELL IT.

AND THE BANK IS HAVING THE TITLE PUT IN FREDDIE MAC. AND FREDDIE MAC SAYS IT IS IN REDEMPTION PERIOD AND LASTS ABOUT 6 MONTHS DURING WHICH TIME THE OWNER CAN BUY IT BACK.

IT ALL SOUNDS CRAZY TO ME!!!!!!!!!!!!


THE COURT HAS TO PUT THE FREDDIE MAC ON THE TITLE AND THEN SOMEBODY HAS TO FILE IT. UNTIL THAT IS DONE IS THE TITLE STILL IN THE NAME OF THE OWNER I WOULD THINK???????????
0 votes Thank Flag Link Sun Nov 2, 2008
More questions and answers on shortsales and foreclosures at the site below.....
0 votes Thank Flag Link Sun Nov 2, 2008
Cindi Hagley, Real Estate Pro in Pleasanton, CA
MVP'08
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Cindy,
It sounds lke the Bank bought it back. at the Sheriff;s sale. The Seller no longer holds title if it had gone to Sheriff sale. He can't sell it if he doesn't hold title.
0 votes Thank Flag Link Sun Nov 2, 2008
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