Redemption Rights

We understand
what is at stake

In Kansas, homeowners have legal redemption rights that allow them to redeem or “buy back” their foreclosed home. The redemption period starts the day your home sells at the Sheriff Sale and is typically 90 days long, but up to 1 year in higher equity situations. In order to redeem your foreclosed home, you will need to pay the sale price from the Sheriff Sale plus any fees and interest. You have the right to keep living in your home and/or sell it during the redemption period. You also have the option to sell your redemption rights to another person or entity so they can redeem the home.

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Many investors will approach you about buying your redemption rights, but it is hard to find an investor you can trust that will offer you a fair price.

We can typically beat what other investors are willing to offer as we are a small, family owned company without a lot of overhead and we have extensive knowledge of what home values are in the Kansas City and Lawrence markets. We can also offer a lease-back option in some cases.

  1. Can the redemption period be shorter than 90 days?
    Yes, if the house is vacant, whoever buys it at the Sheriff Sale can put a motion in with the court to extinguish redemption rights prior to the 90 days.
  2. Is income from the sale of redemption rights taxable?
    Yes, you will receive a 1099 at year end for the amount you receive for your rights.
  3. Who has redemption right if the homeowner is deceased?
    If the owner has passed, then their closest “next of kin” is entitled to the redemption rights and to selling them. You must first go through the legal process of Determination of Descent to determine who has the rights. We have an Attorney who can handle this process and we will cover the cost if we have a contract in place to purchase the rights.

 

How our process works

Sell your house for cash in 3 easy steps

1

Contact us

Contact us online or
give us a call now

2

Get cash offer

Receive and accept or
reject our offer

3

Sold!

Close at your
convenience and get paid

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