What is a redemption period?
When a property is auctioned at a sheriff’s sale, there is generally a period of time during which the former owner can buy their real estate back, known as the “redemption period.” During this time, which is often up to a year or more, the former owner can reappear and satisfy the conditions that are required to have their real estate restored to them.
These terms usually involve clearing the liens that resulted in the initial sale, either with another loan or through a cash redemption. This is generally a significant amount of money, so the chances an owner will actually exercise their right of redemption is fairly low. However, they can also file paperwork to stop the sale during this period if the sheriff’s sale was not announced properly or other serious mistakes were made.