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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 38233
Experience:  Texas Attorney for 30 years dealing in real estate
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My house sold in Sheriff's auction in January back to the

Customer Question

My house sold in Sheriff's auction in January back to the bank. There is an REO realtor who has been in touch with me. I live in Oregon where there is 180 day right of redemption. I have been told that I can still sell the house during this period and have someone who may want to buy it. I have no idea if this is true, if it is, I would need advice on how to proceed to sell the house before the redemption period is over.
Should I work with this realtor, I'm not certain of my buy back price, or what price to sell it if I can.
Thank you!
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Ray replied 11 months ago.

Hi and welcome to JA. Ray here to help you today.

Yes the REO realtor would set up a buy where the buyer pays for redemption and some amount above that if you have equity here.Using a REO realtor would be the only way to pull this off assuming you cannot finance a redemption yourself.

Expert:  Ray replied 11 months ago.

18.964¹

Time for redemption

(1) Except as otherwise provided in ORS 18.960 (Definitions) to 18.985 (Sheriffs deed), the ability of a judgment debtor to redeem property sold at an execution sale expires unless the judgment debtor redeems the property within 180 days after the date of sale.

(2) Except as provided in subsection (3) of this section, the ability of a lien claimant to redeem property sold at an execution sale expires unless the lien claimant redeems the property within 60 days after the date of sale.

(3) If any lien claimant redeems property within the time provided by subsection (2) of this section, any other lien claimant may redeem the property from the redemptioner. The subsequent redemption must be made within 60 days after the redemption amount specified in ORS 18.966 (Redemption amount payable to purchaser) or 18.967 (Redemption amount payable to redemptioner) is paid to the sheriff. Other lien claimants may thereafter redeem from a preceding redemptioner, in the same manner, as long as each redemption is made within 60 days after the previous redemption. [2005 c.542 §40]

This has to be done quickly here you have 60 days from sale.This would be the best you can do here and would get you something for the house.