Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago on . Most recent reply

User Stats

15
Posts
10
Votes
Jeremiah Dexter
  • Investor
  • Eagan, MN
10
Votes |
15
Posts

Auction.com Winning Bid, occupant is selling in redemption period

Jeremiah Dexter
  • Investor
  • Eagan, MN
Posted

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. 

Most Popular Reply

User Stats

15
Posts
10
Votes
Jeremiah Dexter
  • Investor
  • Eagan, MN
10
Votes |
15
Posts
Jeremiah Dexter
  • Investor
  • Eagan, MN
Replied

We closed today. The quitclaim deed will be recorded by our title company. Contacted the listing agent and they believe they can still sell the property. Contacted auction.com and they said we may be out of the money beyond the sheriff sale price that occurred. Which also was significantly lower than what we paid at auction.com.

Loading replies...