Redemption period
A window after foreclosure when the original owner can reclaim the property by paying what's owed plus costs. Length varies by state, from none to a full year.
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Part 1 of 4
Why a seller cares
In some states the owner can buy the home back after the foreclosure sale by paying what is owed plus costs, for weeks or up to a year. It makes foreclosed homes harder to resell quickly and keeps a door open for the owner.
Part 2 of 4
A simple example
In a state with a six-month redemption, the auction happens in March. Until September the former owner can redeem, and the buyer at auction cannot fully take possession.
| The state's rule | What it does |
|---|---|
| A long redemption period | The owner keeps a way back; the auction buyer waits |
| A short one, or none | The sale is final quickly |
| An owner who redeems | Pays the sale price plus interest and costs, and keeps the home |
Redemption is the state giving the owner one more chance, after the sale.
Part 3 of 4
What people get wrong
That the auction is the end everywhere. In redemption states it is the beginning of one last window.
Part 4 of 4 · where to read next
Where it appears in the sale
What a definition is, and what it isn't
Keighbor is a software company, not a law firm, brokerage, or tax adviser. This is general information, not legal, tax, financial, or real estate advice about your sale. Your situation may differ. Before acting on a contract, disclosure, title, tax, or pricing question, ask an appropriately licensed professional in your state.
Written and researched by Keighbor Research · drawn from the reference glossary · how we research and check what we publish
In your Room, this word explains itself where it appears.
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