The Right of Redemption--to buy or not to buy?
I'm about to get a Quit Claim Deed assigning me the Right of Redemption for a defaulted mortgage. The Sheriff's Sale has passed--bank was only bidder--but I am still within the 6 month redemption period. I'm offering a modest payment (I want him to leave the wood stove and appliances, so it's more than "token."
. I plan to live in and rehab the house, and/or sell it, hopefully within the redemption period so I don't have to come up with all the cash myself to buy out the lender's interest (I could, but prefer not to). I've researched the title (and the owner) as best I could at the courthouse and found no personal or property liens, only a six year-old bankruptcy. Is it worthwhile to pay for a professional title search (I'm very rural, I doubt any of the urban online title companies can help), or would they just replicate my courthouse efforts? I'd really appreciate advice from anyone who's done this before. What pitfalls might I expect when buying the assignment of a post-Sheriff's sale rights to redemption? Thank you!
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