Foreclosure

If a cash sale is your best option, we can close as quickly as a week or can give you as much time as you need and can even provide a lease-back option in some cases.

1. Do I have the right to live in and/or sell my house while it’s in foreclosure?

   Yes, you have the right to live in and/or sell your home throughout the foreclosure process and, even until the end of your redemption period, which starts the day the house sells at the Sheriff Sale.

2. What is the Sheriff Sale? 

   In Kansas, this is an open auction led by the Sheriff’s Department at the county courthouse. The foreclosing party sets the opening bid amount with the winner being the highest bidder. If there are no third party bidders, the house goes back to the foreclosing lender. Cash is due the day of the sale from third party bidders and is held by the court until the end of the owner’s redemption period. The owner’s redemption period, which is typically 90 days, starts the day of the Sheriff Sale. If the house sells for over the opening bid at the sale, the owner is entitled to the funds above and beyond the opening bid minus any other costs the foreclosure case orders to be paid.

3. What are my best options to consider when in foreclosure?
   1. If you’re in a good equity position, selling your home traditionally is an excellent way to recoup your equity. Upon notification of foreclosure, there’s still time to put your property up for sale on MLS and have it close before the Sheriff Sale, thus avoiding foreclosure on your credit. As a licensed Realtor in both Kansas and Missouri, we can help you maximize your profits selling by being your listing agent. If you’re needing the sale to happen very quickly and don’t have time to go the traditional route of listing, we can make you a cash offer to close in as little as a week.
   2. Selling your redemption rights is another great option to help recoup some of your equity. Upon the property selling at the Sheriff Sale, the owners typically have 90 days, and in some situations up to a year, to either redeem or “buy back” the property, or sell their redemption rights to someone else who will then redeem it. The price you get for your rights is completely negotiable so be careful not to settle on the first offer you get. If there’s plenty of equity, you’ll get several offers for your rights and it’s advised that you shop around for the best offer to maximize your profits. For more information about this option, see our “Redemption Rights” section.
   3. We can provide you with a lease back option in some cases. Losing a home due to foreclosure is one thing…having to turn your life upside down by moving is another. People establish friends and a certain comfort level living in their neighborhoods and losing that part of their lives can be hard to replace. If we buy your home and you want to keep living there, we’ll do whatever we can to reach an agreement with you to lease the property back from us either short or long term.