Debbie,
There are a lot of good answers to your question already, however we would need more information from you.
My best advice at this point would be to make sure the real estate professional you are working with is very familiar with the foreclosure process as well as short sales.
It`s a very confusing process, and not many agents REALLY know their stuff.

Paul

During the right of redemption period the orignal owners do have the right to redeem the property. As already mentioned that time to redeem varies depending on the situation. 30 days if deemed abandoned, 6 months with less than 3 acres and 12 months withe more than 3 acres. How would you buying? Seems we need a few more details before a better answer can be given. Thank you!

Hi Debbie,
The original owners have the right of redemption for 30 days after the sherrifs sale if the lender deemed the property abandoned and 6 months or up to 12 in some cases if the property was not determined to be abandoned.
You did not mention how ( was the property on the market, listed w/Realtor or are you an investor buying it directly from the owner or as mentioned below, at the auction) or at what stage in the process. Could you provide some more details?
Feel free to contact me by phone or email anytime.

Bob Krueger

Guess the owner could pay back from you with higher % you would own it
Good luck http://www.lynn911.com

Hi Debbie, during the redemption period the seller still owns the home. So if you buy it during that time you are buying it from the seller. But if you bought the home at the sheriff sale and the seller redeems you get your money plus interest.

Just make sure your agent gets the right numbers from the bank and all leinswill be paid with your offer. Otherwise they will have to do a short sale with the lenders and you could run out of redemption time.

Cindy Knight
Realty Executives e-Group