Lucy, Home Buyer in Romeo, MI

this property is sold? Or still available??

Asked by Lucy, Romeo, MI Thu Jul 29, 2010

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Hi Lucy, I hope this help. This property could of been bought at the Sheriffs sale for $1.00 over what the bank paid for it but no one bid on it so the bank holds the note. Once the redemption period is over then it can be listed for sale with a Realtor. Even though this house is listed for $525,000 (they are trying to recouo some of the loss on the mortgage) any offer can be submitted to the bank to purchase it. The bank can accept it or counter the offer at which time the negotations would begin. With an agent that is a good negotiator one could probably buy this property for less then asking.

Foreclosure by Advertisement – Sheriff’s Deed

1.Written notice of default is given by the lender (mortgagee) to the borrower (mortgagor).
2.Notice of mortgage foreclosure sale for Macomb County properties is published in the Macomb County Legal News for four (4) weeks prior to public sale. Information pertinent to each property is listed in this publication, usually by mortgagor name and legal description rather than property address. The property address may or may not be cited on the mortgage foreclosed. A search for address information may be obtained through one of the following - a visit to Register of Deeds (search fees may apply) or online through on your computer (credit card needed for search fees) or possibly local tax records (city/township where property is located).
3.On appointed date and time, a public sale is conducted at the courthouse by the sheriff, or a deputy sheriff on behalf of the sheriff. In Macomb County the public sale is held every Friday morning at 10:00 A.M. in the Macomb County Court Building. The County Official who conducts the sale is acting in the capacity of an “auctioneer”.
4.A “Sheriff’s Deed” is issued to the highest bidder which is then the grantee of the sale. If no one bids on the property, the lender becomes the grantee of the sale. If a third party bidder bids on the property, the bid must be at least sufficient to satisfy indebtedness to the lender or more.
5.Once sale takes place, the sheriff or deputy sheriff signs the certificate of auctioneer and the deed is to be recorded within 20 days of the sale. MCL 600.3232.
6.Recorded Sheriff’s Deeds are held in the Register of Deeds office for the full period of redemption (redemption period is stated in the Sheriff’s Deed). A redemption period can be anywhere from 30 days or 1 month to 1 year depending on various factors per MCL 600.3240.. Redemption period may also be affected by MCL 600.3241; MCL 600.3241a.
7.Any purchaser of foreclosed property that pays taxes or insurance on the property is entitled to recover these expenses if the property is redeemed. In order to be eligible to collect for these expenses, the purchaser must record an affidavit of taxes or insurance. MCL 600.3145; MCL 600.3240. The purchaser should seek legal counsel if necessary.
8.During the redemption period, the mortgagor, mortgagor’s heirs, executors, or administrators or any person lawfully claiming from or under the mortgagor may redeem the property by dealing directly with the grantee of the foreclosure deed, their agent or designee. Or by tendering the correct redemption amount and pertinent information to the Register of Deeds, which will require a $5.00 fee for the care and custody of the redemption money (for each foreclosure document being redeemed) MCL 600.3240(2). Pursuant to HB 929 & HB 931 of 2005 the Macomb County Register of Deeds office shall not determine the amount necessary for redemption. Register of Deeds will only forward the amount to the grantee of the sale and it will be determined by the grantee of the sale if the amount is correct to redeem.
9.If redemption occurs, it is the responsibility of the grantee from the foreclosure sale to prepare and record a redemption certificate upon approval of redemption funds, pursuant to HB 929 & HB 931.
10.If no redemption occurs, the deed becomes operative at the conclusion of the redemption period.

0 votes Thank Flag Link Thu Jul 29, 2010
The Sheriff Sale is part of the foreclosure process when the lender “bids” on the property to gain control of the deed. There were times when the lender would bid what they were owed on the loan, but as can be seen in this situation, they can “bid” a much lower value.
Don’t think of the property as being “sold” at a Sheriff Sale, just suffice to say the bank owns the property and is now allowing the public to make offers to purchase.
As any seller would probably try to do, the lender will attempt to transfer the property to a buyer at the highest market value possible.
The asking price is probably a great price for this home considering all criteria of the house.

Chip Andis
Cell (248) 931-0084

34 S. Telegraph Rd
Waterford, MI 48328
Office (248) 886-0000
0 votes Thank Flag Link Thu Jul 29, 2010
Hello Pam & Chip ~
Thank you for your responses!! Although, I'm a bit confused. It's still on the market? So was it 'sold' at sheriff sale for $190,000 on 06/28/10?? Or I did the bank buy it at $190,000? You hear so many different verisions, it's hard to understand today's real estate rules/etc. Sorry for all the questions & thank you for all your assistance!

0 votes Thank Flag Link Thu Jul 29, 2010
Hi Lucy, Chips answer is correct. The Sheriffs sale took place on 6/28/10. It sure is a beautiful house. At 525,000 it is a bargain. I'm sure it will go for less seeing it is a Bankruptcy.
I do live in Washington Twp, I would be happy to help you if you need more information. Feel free to contact me.

Pam Bava, Realtor
Real Living Kee Group, Rochester
0 votes Thank Flag Link Thu Jul 29, 2010
In regard to 78947 HARVEST LN; ROMEO
The property is available for sale as part of a U.S. Bankruptcy Court Sale.
5836 sq ft; 6 bedrooms, 5 full baths; built 2003

However th $190,800 price that you are seeing on Trulia is NOT the asking price. That figure is the Sheriff Sale price, and is not considered the market value of the property.
The house is listed for sale at $525,000

Your confusion is not unusual when searching public web sites.
Searching for homes on public web sites can be frustrating and very time consuming.
They are usually misleading, not up-to-date, inaccurate, etc.

For real estate questions check the web site below, or contact

Chip Andis
Cell (248) 931-0084

34 S. Telegraph Rd
Waterford, MI 48328
Office (248) 886-0000
0 votes Thank Flag Link Thu Jul 29, 2010
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