Michigan has a 6-month redemption period. So you have 6-months from the date of the sheriff's sale to remain in your house. After the six-month period, you will be contacted by the foreclosing bank to vacate your property. They make offer you cash for keys at that time. This means that they might offer you some amount of money to leave the house quickly and in broom-swept condition. After vacating, they would then pay you the agreed upon amount. If you do not vacate after they give you notice, then they would go to court and asked the sheriff to evict you from the property.
Also, during the redemption period, you can redeem your house for cash for the amount that was paid at sheriff's sale plus interest. I hope that you have checked with the foreclosing attorney to see how much your house sold for. About 30% of the time, the foreclosing lender does what is called an underbid at the sheriff's sale. This is when they buy the house back for considerably less than what is owed. As I said, this happens only about 30% of the time and most homeowners do not know what this means to them. If your house was an underbid, it is possible that you can still sell your house, payoff the bank the amount that they bid at sheriff's sale and keep the rest of the money for yourself. It is always wise to see if this may be the case with your property. To get this information, you would call the attorney who handled the foreclosure.
Good luck to you and I hope that this information helps.
Kathy Persha, Associate Broker/Investor
Keller WIlliams Realty