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Updated almost 5 years ago, 12/23/2019

User Stats

38
Posts
5
Votes
Jacobus Rex
  • Saint Cloud, MN
5
Votes |
38
Posts

Minnesota: Buying a House in Redemption phase

Jacobus Rex
  • Saint Cloud, MN
Posted

Hello!

I'm buying a house from sellers post-foreclosure during the redemption phase.  We're scheduled to close tomorrow. We've got the settlement statement from the title agent. We've arranged for funds to pay for the property. We're ready to go. 

Today, less than 24 hours before scheduled close, the seller's broker/agent calls and says that the seller has to bring $4300+ to the closing to cover all their costs to redeem the property, with penalties, closing fees, commissions, etc.   The broker says that the seller can't come up with any of the $4300 and then asked us to come up with $2000 to put towards those costs.

This is Sunday, just before closing. So we're getting totally queasy about this. . . like ok this means "walk away!" We let the broker know that; the broker backed off and said, "Ok, no, we're going to get this done. Just show up and fulfil the terms of the deal for the agreed upon price. "  So, we're going to go ahead with the purchase. 

My question:  Does this kind of stuff really happen? This is after the settlement statements are issued by title agency and it has nothing to do with something being out of order with the property that would cause the buyer to delay.   Does anyone have experience dealing with this? 

Thanks, 

Jim

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