RIghts of Redmeption and quitclaim deeds

[Brandon Loveless]

Hello All,

I am looking to buy a house right next door to my brothers.  The house has been empty for 2 years and had problem with squatters for a while.  After having a real estate agent look for information on the property with no success,  I finally tracked down the number to a company that is managing the property.  After speaking with them and they spent some time talking with the bank,  they offered to sell me the deed to the property for $5000.  She claims she is selling me the"Redemption Rights" to the property.  This claims this would allow me to negotiate with the bank myself as well as we would have the rights to do whatever we wanted with the property until the bank decides they want to put it up for auction or sell it to us. 

After doing tons of research and asking around,  this sounds like its right, just with a lot of risk.   We understand the property is a risk and we want something we can gut so thats not the worry. 

I just want to make sure I am looking at this from all angles.  I cant find an past due taxes or anything.  The thing I am scared of is purchasing this then finding out I am now responsible for years of taxes or something.

Can anyone give me some insight?