I have a new listing and the bank wants to list it before the redemption period is up? I never heard of such a thing. The redemption period is up on May 21st. The owner willingly moved out and has been really cool about everything but it just seems odd not to wait the 3 weeks. Any input?

I have had it happen a lot. Mostly with Fannie Mae listings. Usually if the property is left vacant prior to redemption expiration with less that $300 in personal property the bank can shorten the redemption through the FC Attorney.

Yes but what you said above jack that wouldn't make it in redemption anymore... It cant be listed during redemption unless the bank has had the redemption period shortened..like jack said if they vacated and nothing is left having it shortened shouldn't be a big deal but it is a legal matter and has to go through the proper channels...

Correct, the redemption was probably shortened and you were just not made aware by your AM or the FC Attorney. Either way you should be fine to list it as long as you got your listing agreement in from your AM.

When does redemption begin?

99.9% of mine are listed during the redemption period. That's because we have a ridiculous 12 month right of redemption! Buyers are free to purchase a redemption bond if they are nervous or if their lender requires it.

I had never heard of right of redemption until I read the bank addendum. Now I need some advice -- the bank accepted my offer but how do I know if the property is still in the redemption period? It is owned by the bank.

Contact the foreclosure attorney.

Foreclosure laws vary by state. My state in Georgia is sweet in that we have no post redemption rights. Once it is sold at the steps it is gone for good.

Tax sales are a different story.

In redemption states that have long hold times many investors will get the owner to sign a waiver on redemption rights before purchasing.

My state is a redemption state. Most banks hold the property off the market until the redemption period has expired. However BpoBill is correct, you need to contact the foreclosure attorney who can tell you when the redemption clock started to run and if it has expired. Otherwise, if the former owner comes up with a truckload of cash, they can get the property back.