Can I list/sell during redemption (after sheriff sale)?

[Tom_Mi]

Hi All,

I know a realtor who gets fannie-mae listings of homes as they *enter* redemption. Michigan has a 6mo redemption period *after* the sheriff sale.

My plan has been to delay foreclosure proceedings and then sell/shortsell during redemption if I can't get a rework etc.

But then I got to thinking...after sheriff sale, I'm off the title right? So do not even have the authority to list it with my own realtor during redemption?

Does this mean the Sheriff's sale the de-facto 'foreclosure', and an arms-length sale during redemption won't undo that? (aka 3 year FHA clock starts regardless of my selling during redemption)

[Tom_Mi]

I apologize, I posted a similar question back in December and HHM kindly answered it. Sorry about the duplication...

I suppose I'm looking for confirmation that Sherriff sale = foreclosure for FHA lending purposes, and that I can't simply sell during redemption and avoid the 3yr clock.

[Mensa1]

I apologize, I posted a similar question back in December and HHM kindly answered it. Sorry about the duplication...

I suppose I'm looking for confirmation that Sherriff sale = foreclosure for FHA lending purposes, and that I can't simply sell during redemption and avoid the 3yr clock.

I didn't catch the answer back in Dec, so not clear on what was said then...

Yes, you can sell during the redemption period. Some states will even allow you to assign your reddemption rights to a 3rd party, obviously fgor a fee, and they can then redeem the property themselves. Other states only allow the debtor to redeem the property, and I am not sure about where MI stands on this issue.

Relative to saving time on the 3 yr wait following a foreclosure, probably not, but I would ask the question of a very active MI mtg broker. They shoud know the answer right off the top of their head. Redemption is a payoff in full, in most cases, but it is after the fact of a foreclosure so hard to say really. My guess is you are stuck with the 3 yr wait.