Q. I was told by a bank rep that prior to the bank starting the foreclosure procedures we could buy using the short sale method. But once the bank started the foreclosure process and up and until the sheriff sale you could not buy the property. In this limbo period is at least 30 days until the sheriff sale the 1st Tuesday of the following month. Is it true that during this so called limbo period the property cannot be bought?
A: Regardless of the state it is the banks decision if they want to stop the foreclosure or not. Many banks will stop a sheriff's sale or delay it if they think they have a legitimate offer to discount the mortgage. The bank could make this decision on the day of the sale if they choose to.