Re: Sale date was today, am I out of options? Help!
Posted by steele in Minnesota on June 20, 2007 at 14:40:13:
In Reply to: Re: Sale date was today, am I out of options? Help!
Posted by Steve on June 20, 2007 at 13:29:23:
Basically it is the same. Regardless you will need to pay this person off first. But no sale occurs if the second hasn't reached an agreement with you. Unless, of course, if you get enough to cover both.
Here in Minnesota even with redemption the clock keeps ticking and expenses keep growing. I would think it the same there. What I am saying is that the person who bought the Sheriff Sale certificate (or whatever your area calls it) for a dollar over will be owed not only that but also accumulating charges. Here it is an interest rate charge or what the bank would have been getting as payments.
If you sell you will need to calculate out this new amount owing to pay these guys off. To get a rough idea we take the old payment and divide by 30. That gives us a daily rate, the "per diem".
You might want to check with a local expert to find out how they calculate this amount.
Good luck on all of this. You still have 2.5 months. Go get 'em.
Steele
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