Home Buying in 97520>Question Details

Us Army 5555, Home Buyer in 97520

HELP PLEASE

Asked by Us Army 5555, 97520 Wed Mar 24, 2010

i am making a cash offer for some property in michigan. 15 acres with house and pole buildings. they real estate agent says that the property is forclosed and being sold as a short sale. the original sellers still live on the property. im told they have a one year redemtion period if the property does not sell. im also being told that if the people living on the property are not out at closing it would be my responsibility to take legal action to have them removed. does all this make sense?

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Us Army
If you are making offer on short sale then that means they are in agreement with the transaction so there should be no redemption period. I am not a lawyer but that is how it works here in California. Yes, if they do not move you make be forced to evict them but that is mostly happening on foreclosures, not many short sales. If they appear cooperative then odds are good that you will be fine. It is always a risk but one that is almost everywhere in this market.

Good Luck!!!
Web Reference: http://www.di4homes.com
1 vote Thank Flag Link Wed Mar 24, 2010
US Army My understanding in Michigan because of the size of the property if it goes through forclosure they have one year to redeem the property and the lender that forcloses can not deliver a marketable title until that period is over unless the owner signs title over to the lender.
Once you own the property it is your right to remove by legal means anyone that remains in the property. Check with your Realtor® about doing a final walk through and I hope in the contract that you have specified that the property is to be delivered vacant.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Thu Mar 25, 2010
Careful, these laws are different from state to state. I would re-ask this question on the Michigan side of trulia.com. You are currently asking in the area for Jackson County Oregon.
0 votes Thank Flag Link Wed Mar 24, 2010
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