St Paul MN Foreclosure Process

[Joe Schaak]

Unfortunately, the seller of a property and I were unable to come to an agreement and she has chosen to let her property get foreclosed on Monday. Her home needs a large rehab and she was unwilling to lower her asking price to the number I needed to make the deal work. I even offered her a percentage of my eventual profit on the rehabbed property. 

So, now, as I understand it, the property will go to a Sheriff's Sale. Will this happen immediately on Tuesday? If so, can I go and purchase it there? I know I have to pay cash/certified check. If I'm able to purchase the property, do I receive title that day? I'd like to be able to refinance into a bank loan in order to free up my cash.

Thanks in advance for the help (I have no experience with foreclosures). 

[Suzanne Griffiths]

@Joe Schaak.  The redemption rights were something we looked into in a recent FB class.  You could offer the owner anything, $1k, $5k, whatever for their redemption rights, it's up to you and them to negotiate.  Then as @Jason M. stated you would just need the amount that was published as owed to the bank.  Of course don't hand over the $$ until ppwk etc is signed and in place.

Definitely a tool to have in the arsenal.  In most states redemption period is only a few days up to a month, but in MN it is so long that you have more options.