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Sherrif's sale...right to redeem?


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Okay, our house is going on the sheriff's sale list for June. Appraised at $240k, listed at $160k...good price for the house, if it wasn't in this particular neighborhood. Not that the area is bad, just that there's others around that are much better. So...50/50 chance that someone would actually bid on it. Therefore, two questions..

1. What does "right of redemption" mean to us in this case. If we could somewhere find the money, could we buy it for the $160k or would we need to meet whatever is bid. And up until what point can we do that?

2. If no one bids on the house, then what?

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