How do I buy rights of redemption from a homeowner whose home is up for a sheriff’s auction?

How do I get the owner to waive their rights of redemption once I bought the property?

Asked on January 15, 2013 under Real Estate Law, Oregon

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Okay first the particulars: after the sale, the owner has 180 days to buy the property back from the purchaser for an amount equal to the auction price paid, plus interest and anything the purchaser had to pay for such items as taxes and maintenance. This is known as a right of redemption. In order to redeem the property, the owner must serve the purchaser of the property with a notice of owner's desire to redeem the property. The notice must state the date and time the owner will make payment to the sheriff and the redemption amount. The notice of redemption must be served on the purchaser no more than 30 days and no less than 14 days before the payment date the owner specifies in the notice of redemption.  If it is not considered illegal in your state, you can purchase the right from the homeowner in a separate contract in which you pay them a certain amount for the right to redeem. Your state may require that they redeem but you could finance it for the right to purchase. The contract would indicate the terms you wish: that they waive any rights or how ever it would be legal in your state to do this. I would absolutely speak with an attorney to do this.  Good luck.


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