Can I buy a forclosure house if its still in the redemption period and not on the market?

Asked by Punkami1010, Sunfield, MI Tue May 8, 2012

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Gail Strom’s answer
Gail Strom, Agent, Apple Valley, MN
Mon Jan 27, 2014
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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Susan Hoffla…, Agent, Shoreview, MN
Tue May 8, 2012
Hi, Punkami1010!
I think what some agents are missing here is that you've said "NOT ON THE MARKET". If it's not on the market in any way, shape or form, then it's not for sale. The seller would have to be willing to go through the short sale process, and since it's not on the market, one might safely assume that the sellers are NOT willing to go through the short sale process.

Another factor here is that some loans backed by government programs are not allowing short sales during the redemption period. So, that might also be the factor that's at play here.

Good luck and let me know if you want to pursue looking at some properties. No strings!!!! :)
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Rachel Long, Agent, Savage, MN
Thu Dec 20, 2012
You certainly can, you will need to make arrangements with the home owner and possibly find someone to do the paperwork for you. Good luck!
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Donald James, Agent, Edina, MN
Tue May 8, 2012
Yes, you can if the owner agrees to work with you.. We are in the middle of one of these now. The seller with get a small profit at close, the sheriff is paid off, my clients get the house.
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House Geeks, Agent, Burnsville, MN
Tue May 8, 2012
At this point it would be a private party short sale, it would only become a foreclosure once the redemption period is up. If you would like more information on how to contact the home owner feel free to give me a call.

Kirk Duckwall
The Duckwall Team of Realtors
Edina Realty
Cell 651-303-0019
Your Referrals Are Greatly Appreciated
Tune in to our Twin Cities Real Estate Radio Show Sundays at Noon on AM950
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Keith and Sh…, Agent, Apple Valley, MN
Tue May 8, 2012
Yes you may. Depending on how much time is left untill the redemption period is over. The seller and the lenders will all need to cooperate in order to get the sale completed on time.

You will need to work with an experienced team in order to get that done.

You may contact me directly if you want to talk specifics.


Keith & Sheila Hittner
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Kris Lindahl…, Agent, Minneapolis, MN
Tue May 8, 2012
If it is listed as a short sale you can. It doesn't turn into a bank owned property until the redemption period expires. Email me the address and I'll look into what bank will be taking it over. I have contacts at most banks and may be able to help!

Talk to you soon!

Kris Lindahl, CRS, CDPE, SFR
Edina Realty
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