Purchased a home at a forclosure auction

[treefe]

What is the name of your state? Maryland

We purchased a home at a forclosure auction and the purchase has not yet been ratified by the court. We would like to find a "substitute purchaser" before we have to actually settle on the property. What are the legal requirements regarding doing this? Are there any forms that need to be submitted prior to ratification and/or settlement?

 

[LindaP777]

Call the sheriff's office and ask what you need to do to "assign" your rights to someone else. Our sheriff's office here is very helpful and accomodating, but I'm a nice person

Do you have this person already lined up, or are you looking for a buyer?

 

[OneLoneRogue]

We would like to find a "substitute purchaser" before we have to actually settle on the property.

Look in your local paper for "Real Estate Investors"...such ads typically say "We Buy Homes"...If you can't find pre-existing investors in the paper, place your own ad, stating "real estate investors wanted'....this should get you a few inquiries.

What are the legal requirements regarding doing this? Are there any forms that need to be submitted prior to ratification and/or settlement?

Locate a good, experienced cash "buyer" (Going back to newspaper) who wants the property, and assign your right to buy it to him/her for a cash payment. It's possible, I just don't know the exact form(s) one would need to accomplish this.