Q: Can a signed real estate contract stop a sheriff's sale after foreclosure redemption period ends?
I am currently in the redemption period for a Judgment for Foreclosure and Sale, which will end on 04/03/2025. I anticipate receiving an offer to purchase my home sometime this week. The sheriff's sale date is yet to be set, but it will occur sometime after the redemption period ends. The lender has requested that I forward the real estate sales contract as soon as I receive it. There are no liens or encumbrances on the property. Can I stop the sheriff's sale with a signed contract for the sale of my home?
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A:
If you're in the redemption period for foreclosure, the contract for sale may provide a possible solution, but it’s not guaranteed to stop the sheriff's sale. During the redemption period, you still have the right to redeem the property by paying the full amount owed, and you can try to negotiate with your lender. However, whether a signed contract to sell your home can halt the sale depends on the lender's willingness to accept the offer and the timing of the sale.
Once the redemption period ends, if the sale is already set, it may proceed regardless of the contract. But if the lender accepts the contract before the sheriff’s sale occurs, it could possibly delay or stop the sale, depending on the situation. It’s important to provide the lender with the contract quickly, as they may be able to work with you to prevent the foreclosure sale if everything aligns.
It’s crucial to maintain communication with your lender to see if they’re willing to accept the sale and how quickly they can act. A real estate professional or an attorney might be able to guide you further, especially if the situation becomes more time-sensitive.
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