Can the Previous Owner buy back the house?

[Jason Genovese]

I purchased a foreclosed house from the court house steps and now the previous owner want to repurchase it from me.   He originally owed the bank $80,000 and I have agreed to sale the house back to him from $35,000.    He has came up with $20,000 and says he can raise the other $15,000 in a month or two.

I was wondering if he can legally buy the house from me since he was foreclosed upon?

[Christopher Phillips]

@Jason Genovese

A buyer can buy back their home after a foreclosure in Missouri within a certain time frame if the lender is the purchaser. It's called right of redemption. They usually must pay the full auction sales price, interest, and legal fees. And they must announce ahead of time that they plan to do it, post a bond, and they have one year to do so. If it's a third party, they don't have right of redemption. Most foreclosures in Missouri are non-judicial. So, how it was done can also change things. Speak with your lawyer about it.