Canathe high bidder in a foreclosure sale approachadjacent landowners about purchasing their lproperty prior to expiration of the redemption period?

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Canathe high bidder in a foreclosure sale approachadjacent landowners about purchasing their lproperty prior to expiration of the redemption period?

I had the high bid in a foreclosure auction.The foreclosed landowners redemption period runs for 90 days and not expired yet. The lot is empty and does not have a house. There are 3 lots adjacent to the foreclosed lot which we would also like to purchase and we want to approach the landowners, but I am not certain if I am allowed to do this prior to expiration of the redemption period.

Asked on December 8, 2010 under Real Estate Law, Kansas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

The redemption period only applies to the foreclosed-upon property owner. You are free to approach any other property owner about any other purchase at any other time. As a practical matter, since it is likely the case that you would *not* want to buy the other land unless the lot you purchased at foreclosure remains yours (i.e. is not redeemed), you would probably want to either not sign contracts until the end of the redemption period or else write a contigency into any contracts allowing you out if the foreclosed lot is redeemed; however, that's just to protect yourself. Unless the other land owners' property was in some way entangled with the foreclosure and involved in it--and it's not clear how that could be the case--you may approach them.


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