Foreclosure on the MLS

[Aaron Winters]

I'm curious how a foreclosed home is still on the MLS with a chance to buy? I've been watching this home since it was on a pre-foreclosure list, it has gone through auction, and is now for sale on the MLS by the owner.

As this property is in Kansas there are redemption rights to be wary of and this one didn't really meet the numbers I was looking for, but if it did:

• Can it really be pursued, since it has already gone through auction?
• What are special considerations when purchasing these types of homes?
• Who really owns the house at this point (post pre-foreclosure, post auction, pre-bank owner)?
• How could this be pursued before auction?

[Janet Chou]

@Aaron Winters - In Kansas, there's something called the redemption period. Basically the house has been auctioned/foreclosured. But the owner has 12 months (or shorter if the bank finds the owners abandon the property) try to sell it to cover what they owed. If the redemption period expired, no one purchased the house, it'll go to the bank and become REO or the person who won it in the auction.