Canathe high bidder in a foreclosure sale approachadjacent landowners about purchasing their lproperty prior to expiration of the redemption period?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Canathe high bidder in a foreclosure sale approachadjacent landowners about purchasing their lproperty prior to expiration of the redemption period?
I had the high bid in a foreclosure auction.The foreclosed landowners redemption period runs for 90 days and not expired yet. The lot is empty and does not have a house. There are 3 lots adjacent to the foreclosed lot which we would also like to purchase and we want to approach the landowners, but I am not certain if I am allowed to do this prior to expiration of the redemption period.
Asked on December 8, 2010 under Real Estate Law, Kansas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
The redemption period only applies to the foreclosed-upon property owner. You are free to approach any other property owner about any other purchase at any other time. As a practical matter, since it is likely the case that you would *not* want to buy the other land unless the lot you purchased at foreclosure remains yours (i.e. is not redeemed), you would probably want to either not sign contracts until the end of the redemption period or else write a contigency into any contracts allowing you out if the foreclosed lot is redeemed; however, that's just to protect yourself. Unless the other land owners' property was in some way entangled with the foreclosure and involved in it--and it's not clear how that could be the case--you may approach them.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.