New owners moving in a week after Sherifff sale?

[tradinglife]

We filed for chpt 7 including our home in May 2010 discharged October 2010. We moved out in August 2010. Finally get notice of Sale at courthouse february 20th (last Monday). My friend who is a realtor went to sale, said BOA Made one bid, private buyer made seond bid, hoome sold to private bidder with no other bids. Private bidder bought home to live in apparently. Get this, our neighbors called us last night said the folks were moving their furniture in this weekend! Can that happen that quick after courthouse sale? And does this mean that the home is now out of our name? If so, that's great, I just can't imagine all of that happening in a week?

[justbroke]

Can that happen that quick after courthouse sale? And does this mean that the home is now out of our name? If so, that's great, I just can't imagine all of that happening in a week?

This all depends on how quickly they get the deed from the sale. Yes, it can happen that quickly. I think it's about 3 days for a purchaser to get a new warranty deed after being the successful bidder at a foreclosure auction in Florida. Much of it is just coming up with the cash and getting to the Clerk's office to pay the balance; usually $10,000 in certified funds is required at the time of bidding to "hold" it.

It happens! Especially in States where there is no redemption period, and where the Bank loses the bid.

[Flamingo]

A property record search would indicate who owns your home now and yes it is out of your name. Friends of ours were amazed at what was a home worth $280,000 in 2006 in their neighborhood, was let go in foreclosure due to job loss/lower wages, went to Sheriff's sale (tons of people were by in the previous weeks before the sale peeking in windows, etc.) and the home went to new buyers for $130,000 who moved in quickly and had the house back to normal in a few weeks - amazing....and what a shame for the former owners to have to see that - one wonders what could have been done for them to be able to stay there as the home went for so much less anyway....

[tradinglife]

Thanks for the info, we are just glad to be closing that chapter of our life and moving on. Still hoping some program will come out that will allow us to get a mortgage without waiting 3 or more years (3 years after transfer according to most info online). This time we plan on a larger down payment and a more modest home way under our budget.