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Updated about 16 years ago on .

User Stats

34
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0
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Melissa G.
  • Maryland
0
Votes |
34
Posts

Buying at auction

Melissa G.
  • Maryland
Posted

We are considering purchasing a home at auction for our family. This is the first auction in our area where the homeowners aren't upside down in their mortgage. We've tried on a few occasions to purchase directly from the owners for what they owe, but they weren't willing to go lower than their asking price. So now it's up for auction and we're planning on bidding on it.

We have a few unanswered questions. First, we've been told that in our state (Maryland) anyone can contest the sale for up to 30 days. This may happen as we've been told that the homeowners may try to go through the loophole that Skidoodle mentioned here: http://www.biggerpockets.com/forums/41/topics/26472-foreclosures-all-read-pls?highlight= I called the trustee and they said they didn't see any title problem and the auction was still scheduled. Can the homeowner contest the sale after the sale? If so, what happens next?

There is no established redemption period in Maryland for the borrower, but the courts can set a redemption period on a case-by-base basis. How can I found out if there will be a redemption and how long it will be?

When does the homeowner have to vacate the property?

What if the homeowner damages the property before leaving?

Any other advice/information is greatly appreciated.