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Sheriff'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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If they have stated you have the right of redemption, then if you can come up with the money to save the house, you get it.

If the sale doesn't happen the first time, it will be rescheduled for another sale. They'll keep doing that until it DOES sell.

They did this on my house in SC. It took the bank a YEAR to sell my house at auction and every month, like clockwork, they put it up for sale again and I got yet another notice until it finally sold.

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Thanks, LnR. As usual, I'm still confused. Sheriff's sale web site says:

"The debtor has the right of redemption of the property until the Confirmation of Sale is signed by the Judge and filed by the court"

Does that mean I could have redemmed it before they listed on the Sheriff's list, or do I have until before the new buyer puts up all the money?

Also, since this was IIB and I don't really owe anybody anything, how much could I redeme it for? 160k? Or would I need to match the new buyer's offer?

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In Oklahoma after the Sheriff Sale the winning bidder (normally the bank) requests another court date for the judge to okay the sale. This may be a few days or a month or longer. The winning bidder publishes the comfirmation notice and waits for the judge.

Up until the very second until the judge signs off on the sale, the owner has the "right to redeem" the house. This means you work out the details with the bank to pay all of the monies owed them. Not just the amount that was bid at auction. As soon as he signs it the house has a new owner.

After the comfirmation if there are any monies not covered by the sale then the bank can ask for a Deficency /sp Judgement. In Oklahoma they have 90 days to do this.

If at all possible try to workout something with the bank before the sale. It makes it a whole lot easier and cheaper.

PM me if you would like some help with this. I work with banks quite a bit and know a few "tricks"


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