Can I Rent a Property After It Has Been Sold at a Foreclosure Sale in Minnesota?
When a property is sold at a foreclosure auction, in any state, it is either purchased by a new owner or taken back by the lender that foreclosed. A tenant can rent a property in Minnesota, or any other state, at any point before, during or after the foreclosure process. It is a good idea, though, to understand the post-foreclosure rules in the state before making a decision on tenancy.
Redemption
Minnesota is one of about a dozen states that offer foreclosed owners a redemption period -- a period of time after the foreclosure sale during which they may "redeem" or buy back their property. In Minnesota the redemption period is usually six months; less often it is one year. In this process, the former owner either pays the new owner or the sheriff the amount of money for which the property sold at foreclosure auction plus interest and other costs such as real estate commissions, taxes and attorney fees. An owner can waive the right to redemption; such a waiver must be recorded by the lender to be valid.
Likelihood of Redemption
Once a property has been foreclosed upon, the owner's credit is unlikely to be sufficient to qualify for another mortgage to buy back the property. And even if the former owner had the funds to redeem, he could probably get a better value by buying another property on the market because it would come without associated back interest, attorney fees and the like. The likelihood of redemption, then, is low under many circumstances.
Know the Landlord
A landlord who has lost a property in foreclosure is entitled to continue renting the property during the redemption period. Therefore, after the foreclosure, find out if the landlord wanting to rent to you is the same owner who was foreclosed upon or if it is a new owner. If it is a new owner, find out from the recorder's office if a redemption waiver was recorded. If it was, you should have no hesitation to rent. If it was not, understand that you assume the slight risk that the former owner would redeem the property. Even if he does, he would have to honor your lease through its expiration and because this was an investment property before, the landlord might want to keep you as a tenant. If the owner is the same person who was foreclosed upon, understand that at the end of either 6 or 12 months the lender or the foreclosure buyer will take over the property. They too must honor your lease. But if it is the lender that takes over, she may evict you after the lease expires.
Lease Protection
Because a written lease must be honored regardless of who the owner is or will be, it is always a good idea to have a fixed-term lease if you have any concerns at all about a possible change of ownership. If your concern persists through the lease term, ask the landlord for a new fixed term lease when the first one expires.
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