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Foreclosure in 55123 : Real Estate Advice

  • All8
  • Local Info1
  • Home Buying4
  • Home Selling0
  • Market Conditions0

Activity 3
Mon Jan 27, 2014
Gail Strom answered:
You can if the owner is willing to work with you but keep in mind that the bank doesn't have authority to sell it until the redemption period expires. Now, if the home has been vacant for a while the bank can accelerate the redemption period but you wouldn't know that until the home gets put on the market by the bank since they will not discuss the terms of the loan. Good luck!
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Mon Dec 10, 2012
Simon Campbell answered:
A California borrower only has a right of redemption if the property is foreclosed through the court system in a judicial foreclosure. The redemption period is set by the court and is no longer than one year. However, most California foreclosures are non judicial foreclosures and borrowers have no right of redemption in non judicial California foreclosures.

California homeowners usually have one year, or 365 days, to redeem their property after it is foreclosed on. At that time, the original owner will need to make payment in full of the sum of the unpaid loan plus costs one (1) year after foreclosure sale unless the original lender made a full price bid then that period is shortened to three (3) months.

Simon Campbell -
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Thu Jun 5, 2008
Christine Wrobel answered:
Hi Paula, Short sales can be very complicated. The bank is pretty much in charge but doesn't really care to much at this point because they don't have possession. Every bank is different. The seller doesnt usually make any money on the deal so I would venture to say no they will not be paying any closing costs. I would recommend buying a bank owned verses and short sale. There are exceptions of course. If your asking price is close to what is owed there may be some negotiating room. Realtor fees are usually paid by the seller as well, up to 3% to the buyers agent. What ever you do dont get your hopes up to high and expect to wait. Some banks drag it out until the 6 months is almost up.
Best of luck!
PS-You should be working with an agent who knows how this works to avoid suprises or it may not close.
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