You do not have to wait until it shows up on public records. You can do one of two things. You can call the sheriff's department and ask who bought the house and for how much or you can call the foreclosing attorney. Either one can tell you who bought it and the amount it sold for. The amount that it sold for plus interest becomes your redemption amount.
As Joseph said, it is usually the lender who buys it back on sheriff's sale. An
d the amount it is bought for is usually the full principal amount that you owe plus late fees and attorney fees. This is called a full bid. But about 30% of the time, the bank will bid much less than what is owed. When the bank does this, it is called an underbid. In an underbid situation, many times the owner can then sell the house, pay the bank back what they paid at sheriff's sale and often times actually put money in their pocket.
The foreclosure process and redemption period in Michigan is much more complicated than many of the other states. For more information, visit my website at http://kathypershateam.com/.
Kathy Persha, Associate Broker
GRI, CDPE, SFR, CIAS
Keller Williams Realty