foreclosure period of redemption
I signed a purchase agreement with a home seller. He now tells me it is in redemption. Does he have to sell?
I want the house, but apparently the redemption period of a foreclosure gives hime 6 months to sell or buy it back. Doesn’t the contract work both ways? If he agreed to sell, can he force me to wait 6 months to see if he can come up with the money to buy it back?
Did you buy the house from the “homeowner” whose mortgage was in default, or from the bank or trustee in a foreclosure sale? That will determine what rights may exist under applicable foreclosure laws. Contact a lawyer.
