Foreclosure in Bloomington>Question Details

househunter, Home Buyer in Bloomington, MN

We are trying to purchase a property that has gone thru a sheriff's sale and is in the redemption period. We

Asked by househunter, Bloomington, MN Tue Feb 10, 2009

are told the first mortgage will be paid and the second mortgage is a short sale. We were in a mutilple offer situation and we were told the bank has accepted our offer but we have nothing in writing. We are now being asked to pay $200 to the county for the Redemption Payoff Request Form. Is this common as I would think the bank or the seller would pay for this? When can we expect to get our acceptance in writing as we don't want to spend additional monies without something in hand?

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The banks often will not sign something but they will give a letter stating the minimum amount they will accept as payoff. The listing agent must have something in terms of communication they can share with you.
0 votes Thank Flag Link Tue Feb 10, 2009
I have never heard of a buyer being asked to pay for a redemption payoff request form. I would not do so until I had a completed signed purchase agreement with that as one of the stipulations. Proceed with caution, I would advise my client that was not their responsibility.

Michael Doyle Realtor
0 votes Thank Flag Link Tue Feb 10, 2009
Househunter,

Getting things in writing will depend on the listing agent and the whoever holds the mortgages - and it will vary greatly. I have seen instances where banks respond in less than an hour and others have gone 3-4 months with no response.

I am not surprised that they are asking for you to pay the $200. The seller (current owner) could care less since the house is being taken from them by force and the bank isn't going to pay it. If you want the house you will have to put up with quite a few of these oddities.

If you don't have a good agent with a lot of experience working with banks, I would recommend that you get one to work on your behalf.

Cameron Piper
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Tue Feb 10, 2009
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