Updated about 6 years ago on .
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Auction.com Winning Bid, occupant is selling in redemption period
In need of direction.
We won a forclosure on auction.com with a quitclaim deed (not great but we checked for other liens and there were none). House is still occupied until June (4 more months) until the redemption period is over. However, we just found out they have the house under contract and listed on the MLS and due to close in 2 weeks' time. My big question, what will happen with the house since I hold the quitclaim deed, are they still legal to sell? Also, the bigger question, what will happen with the cash we used to purchase the property? Thank you for any response.
Located in Minnesota if it helps. Also, we are unable to acquire title insurance until after the redemption period.
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@Jeremiah Dexter go to @Brad Schaeppi's website and pay for a consultation. These are somewhat like tax sales, you have to know what you are buying and what your rights are. The buyer does have a redemption period after the sale and if they can sell it for more than the amount due it is in their best interest to do so. I am not an attorney but I am not sure how you received a deed when the actual owner is still the person living in the house.... I am guessing you purchased the loan instead a deed to the property and you are in the position of the bank here which can be bought out...