Foreclosure in 48310>Question Details

Jerrysumersu…, Home Buyer in 48310

if a ex-home owner exercises the redemption period, what price is paid? the price originally owed or the price paid at the sherif sale?

Asked by Jerrysumersusa@netscape.net, 48310 Tue Sep 15, 2009

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3
Jerry,

The price the home was offered at the sheriff sale plus interest
0 votes Thank Flag Link Wed Mar 7, 2012
If I'm understanding correctly, it doesn't matter who redeems the property after the sheriff sale... as long as the sale price plus all applicable attorney fees, interest, outstanding superior liens (IRS, property tax, etc.) are paid in full during redemption. This is typically six months in Michigan unless the property is more than 3 acres, or if the property has been declared "abandoned". These days, it is common for a bank that is NOT backed by any government-sponsored enterprise to underbid their debt at the foreclosure sale... creating a great opportunity for someone to redeem at a heavy discount.

Hope this helps!

Regards,
Brian Luck
Keller Williams Realty
586-770-4827
Web Reference: http://www.HomesMacomb.com
0 votes Thank Flag Link Tue Sep 15, 2009
Jerry,

Usually the original price owed and the price paid at sheriff sale are almost sale. The reason being the bank most of the time takes it back for the same price during sheriff sale.

This is one of the reason buying at sheriff sale / auction is not a recommedate approach unless there is an equity in the home. Of course when there is an equity the home owner would have sold by himself to recover that.

Good luck
Ron
http://www.affordablemihomes.com/
0 votes Thank Flag Link Tue Sep 15, 2009
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