If you’re a homeowner in New Mexico and your property has been sold at auction, you’re entitled to a key homeowner’s right known as “The Right of Redemption.” This legal provision allows you to repurchase your home from the auction buyer—typically a financial institution—by paying the auction price in cash. This opportunity to reclaim ownership is critical for those looking to secure their residential rights and can be exercised within thirty days post-auction.
Additionally, New Mexico residents have the option to sell their redemption rights. Selling these rights is straightforward, with potential buyers readily available to negotiate a fair price. Once you decide to sell, you’ll engage in a simple process involving document signing and payment finalization, culminating in an agreed-upon timeframe to vacate the property.
For more details on exercising or selling your redemption rights in New Mexico, or if you’re navigating property auctions and homeownership laws, connect with a local real estate expert.