Mortgage Foreclosure as QCD with redemption period

[Cyle Lublin]

Real Estate Law(ish) question:

I bought a property on auction.com for $51k and I’m closing the property to a Quit Claim Deed. There’s a redemption period that doesn’t end until June 13th where they would have to pay $62k to me, which sounds too good to be true. The title appears to be “free and clear” as well. The “middle man” title company is going to do a title search for me as I’ve shown that I want to owner-occupy the property. I verified through the assessor that there’s no back taxes or water bills. The home is occupied and I’d like to offer “cash for keys”. I’m not sure of the legal ramifications for offering that option prior to the redemption expiration. What other risks do I still carry at this point if I close?

[Jay Hinrichs]

what most will do is buy the redemptioin rights.. which is in essance cash for keys