Upcoming Foreclosures

In California, can a person who lost their home to foreclosure buy it back from the next owner?

I am told that this is the case in the state of Washington. The previous owner who lost it in foreclosure has up to one year to buy it back for what the new owner paid for it. The new owner HAS to sell it back for that price! I want to buy foreclosure properties in California and flip them, but don't want to put a bunch into it and have to sell it to the previous owner at a loss. Does California have this law? Guess I have to state this. I am NOT asking for free legal advice, nor am I asking what such a law states if it exists. I am ONLY asking does anyone know if there is such a law in California, that's all!

Public Comments

1. consult a lawyer familiar with real estate law in California.
2. I deal with foreclosures and short sales on a daily basis in California. The answer is "No". California does not have a redemption period. Once the auction occures, either the high bidder owns the house or it becomes a bank REO. The owner cannot come back and get the property back. Also, just because the property is a bank owned foreclosure, doesn't mean it's a great deal. You need to work with someone who knows the market well. Even then, it's hard to come across property with little risk on what you're trying to do in a downward market. If you need help in Southern California, let me know and I'll try to locate good deals for you, regardless if they are foreclosures or not. Regards