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    Sailorbuoy's Avatar
    Sailorbuoy Posts: 1, Reputation: 1
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    #1

    Nov 25, 2007, 04:51 PM
    Buying back real estate after it is sold at public auction
    Is is possible for a homeowner to buy back their home after they defaulted on bankruptcy terms and their house was sold at public auction? Are there exceptions to buying back foreclosed properties outside of the upset bid process after the property was sold at public auction?
    jhessley's Avatar
    jhessley Posts: 1, Reputation: 1
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    #2

    Nov 25, 2007, 05:47 PM
    Quote Originally Posted by Sailorbuoy
    Is is possible for a homeowner to buy back their home after they defaulted on bankruptcy terms and their house was sold at public auction? Are there exceptions to buying back foreclosed properties outside of the upset bid process after the property was sold at public auction?
    Redemption rights are active until the property is sold at auction,after it is sold your rights are terminated.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Nov 25, 2007, 06:12 PM
    If you can afford to purchase the property after its sold at auction, why would you let it go that far?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Nov 25, 2007, 06:36 PM
    There is no "right" to buy back property at bankruptcy or foreclosure sales, at bankrutpcy, you are agreeing to sell the house to pay your debts, it is not normally a forced sell.

    Only in TAX sales where the property is sold for taxes owed, ( and then only in some states) do you have any redemption rights that I am aware of.
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