Foreclosure Question
My uncle in kansas recently bought a foreclosure right next to his house at an auction. Now Kansas has a redemption period so they where waiting for the redemption period to be done and take over the deed completely. Near the end of the time period somone came in and bought the right of redemption from the original homeowner and took over the property. I was not aware that the right of redemption was transferrable. Anyone have any thoughts or have dealt with this before.
From what I understand - this is the idea behind a redemption period. Until this period of time is up, the owner still owns the property. They can sell it, or do whatever they want with it until the actual redemption period is up.
Sorry to hear the property was paid off, was there a decent interest on the investment?
Good Luck!
[addsig]
In NJ, the right of redemption period is about 10 days... so anyone who purchases the ROR must hit the ground running with $$$, and all due diligence done.
ShortSalePro,
When you say all diligence done, what exactly do you mean? Just wondering because I got burned once trying to purchase a property in redemption period recently here in NJ. There are certain factors that are completely out of your control like assuming you are getting the 'right redemption amounts' from the Sheriff department. There is a lot of incompetence out there and since the 10 day period goes by pretty fast, sometimes luck is involved in getting cooperation from the Sheriff department people. Sometimes I think that they are in bed with the same people who are bidding at the Sheriff Sales. In any case, the point being, take control over what you can and pray for the best.