What are redemption Rights?

In Selling Property - Asked by Saundra Lee A. - Nov 28, 2010
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Answer(s)

George T.
Owner/Investor
Falls Church, VA

To me this means that after a tax sale, some states/counties allow the owner time (6 months, 1 or 2 years) to pay the back taxes and interest to redeem his property. otherwise he loses it.

Nov 29, 2010
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Rob B.
Chandler, AZ

Saundra....
There are also redemption rights with foreclosure. You should check with your state foreclosure laws to determine what those are in your state. For example, an HOA that I am involved with recently had me foreclose upon one of the home owners which had not paid the HOA dues for several months. All the HOA rules were followed, the foreclosure took place. The HOA was the only bidder at the sale and received title to the house. However, the home owner had 90 days thereafter to redeem the house simply by paying all the back HOA dues. Sadly to say in this case the home owner chose not to redeem and 90 days thereafter the HOA owned the house with all the former owner’s redemption rights exhausted. I hope this helps a bit.
Good luck Saundra.....
Rob Baird, CA RE License #544165 (One of the oldest, active licenses in CA) 951 515-5855 Email: rob@capratecommercial.com

Nov 29, 2010
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