Right of Redemption questions

[Barry Craig]

One property I am checking has been held so long by the bank the right of redemption is up. I am assuming I would receive a general warranty deed if purchased?
This property did not have a bid at online auction, so I am offering 50% of the unbid price. (bid price 70% below sold comps on the same street)

Along a different train of thought
If I purchase a REO with six months left on the redemption period, how do it work if the owner redeems? How often does the owner in default do this?
How does the right of redemption work?