Updated over 7 years ago on . Most recent reply
Right of Redemption on REO?
So, I'm still really new here and I'm putting in an offer on an REO through a wholesaler.
I know there is a right of redemption on foreclosures in Kansas (12 months), but does that apply to an REO, or once the property passes to another buyer (me... or the party that I eventually sell to), does that right of redemption go away? I believe is states that the original owner can "buy back" the property at the sale price, but I'm not sure which sale that right ends with.
Do I have to sell back to the original owner if he/she pays me the price for which I bought the property if they choose to exercise their right?
Is this something that I would need to disclose to my end buyer (e.g. "this was a foreclosure so there is a slim chance that the foreclosed upon individual will have the right to buy back the property from you for the amount you paid me, as long as he/she exercises their right before said date")?
Any advice/expertise is much appreciated!
Thanks!!
Mark