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Should I take $1500 for My Redemption Rights?

I got the following email from an investor via my Realtor on the Rio Rancho property:

Subject: Redemption

*** Realty will give $250 in good faith to Casey Serin for his assignment of statutory rights of redemption. When *** Realty successfully redeems the property at 6021 Guadalajara an additional $1250 will be given to Mr. Serin.

I talked to the investor today. He said in New Mexico the owner has the right to redeem the property up to 30 days from the foreclosure auction if the owner can come up with the cash to pay back all the lenders and fees. Well, most owners in foreclosure are not going to be able to come up with that cash so this guy is offering to buy my redemption right and be able to redeem my property.

I’m not familiar with redemption rights because here in California we don’t have that kind of a thing. So this is new to me.

As far as the short sale, we haven’t had any offers come through yet (even after lowering the price to 469) so I don’t know if the short sale thing is going to happen and the auction is coming up fast.

Here is the foreclosure sale notice letter that I found in my mail the other day:

Rio Rancho Property Foreclosure Auction

If you remember I was also thinking of doing some kind of a raffle to sell this house an others but it doesn’t like it’s going to happen. I didn’t get that good of a response and I don’t have the marketing budget to sell enough raffle tickets. There are also legal issues involved because I would have to run it through a non-profit organization or do an essay contest of some kind. I’ll just have to file that under “maybe some other time”.

So at this point I have a good chance of losing the Rio Rancho property to foreclosure come Valentine’s day.

What do I have to lose by taking $1500 for my redemption rights?

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