Home Buying in Saginaw>Question Details

Lb, Home Buyer in Saginaw, MI

Bank in Michigan is sending a short sale home to foreclosure sheriffs sale on June 17th, how long till I know?

Asked by Lb, Saginaw, MI Thu May 28, 2009

My husband and I just put an offer in on a short sale home in Michigan. The house went to a sheriffs sale at the end of march and did not sell. We were told that the bank will auction it off as a foreclosure on June 17th if there has not been a short sale offer accepted. Does this mean that the home owner has to accept our offer or that the bank has to approve our offer by June 17th? I have been told that after the acceptance of an offer (is that the owners acceptance or banks?) the closing on the house must be within 30 days. It seems as though people's money/time can get really caught up in these things and I am just wondering if we will be stuck in the same waiting game or if it will be basically over by July 17th (one month after the banks acceptance cut off date)?

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good evening.....good advice below....also..don't forget...what is sold at the auction is the mortgage...not the home.......also...if no outside investor buys it.....the lender then recvs a lender credit so they do not have to buy back their own mortgage.....if it is still occupied by the owners...the six month redemption (or whatever is stated in the legal notice) holds true...if it is abandoned...and there has been a redemption affidavit filed........then the redemption is reduced to just 30 days from the date the abandonment affidavit is recorded.......if you cannot close it prior to the june 17th date.it will auotmatically deed to the lender and you will be dealing stictly with them......if you can close prior to then.the owner is still the owner and will have to sign, etc the closing docs as usual...i hope that helps...bob mcclure- success mortgage partners- plymouth, michigan....
0 votes Thank Flag Link Thu May 28, 2009
It's hard to believe it "did not sell". I'm sure the bank "bought it". Still the owner has full rights from that date (end of March?). for 6 months. Missing some facts here. But owner doesn't "have to" accept your offer nor does the bank "have to " approve your offer. Clueless as to the 6/17 date. What's important with a short sale offer is 1) be prepared for it to take time 2) have an agent who will gently "nudge" the other side to keep on top of things 3)have an "escape" clause for you in your contract to walk if you find something else. As I keep telling one of my short sale buyers, hang in there. There is no "logic" involved, much emotion involved, but in the end some great deals for buyers.
0 votes Thank Flag Link Thu May 28, 2009
Every state's foreclosure laws are different. Make sure you understand exactly how your state's laws work. Find someone in your area that really knows the law and who can explain what your options are. The lender will have the final approval in a short sale.
0 votes Thank Flag Link Thu May 28, 2009
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