Patricia- You may wish to protect your assests and a good lawer can help you with that. Some lawers will charge a minimal fee to sit with you and discuss your options. If this is something that you are concerned with please contact a lawer for some professional legal advice.
I am a licensed real estate agent and am offering no legal advice or opinion outside my licensed field. If you have any other questions feel free to contact me directly at 517-392-5894 Michael Beiswanger... more
You shoudl continue paying your insurance until you do not own the house anymore. technically you are responsible for anything that happens and god forbid you have a fire, paying to replace a whole house for the rest o your life is worse than a sherrif sale.
If they have already set a date it may be too late, but you should have contacted your bank to ask them for asistance in a loan modificatio, short sale or deed in lieu of foreclosure, all better than just letting it go.
If you are make sure there is insurance up to teh time they take it or if you remain in teh property after short sale, keep insurance on your belongings.
In Michigan, the house still belongs to you after the Sheriff sale. You have six months to redeem the property which is to pay back the amount bid at the Sheriff Sale, plus interest, fees etc. During the six months you can still live in the house because you still own it. You are responsible for the house. You can still do a short sale during this time period because you own the house. If the house is considered abandon, the lender may file papers and gain owenrship within 30 days.
Keller Williams Realty
Like the others have mentioned - it would be beneficial for you to ask the sellers to pay your agents fee. It is not uncommon for a FSBO to pay the buyer agent commission. This can all be included in your offer.
I'm certain you will find your Realtor to be a valuable resource during the home buying process.
Good luck with the purchase!... more
In this case you must find out who the owner of record is before you can proceed. Best bet is to work with a local agent who is able to work most effectively in retrieving information and records that will help you in your situation. REO property transactions have their own intrinsic requirements that private owners do not. It is well worth your time to find a seasoned agent skilled in working with REO and arms-length transactions to help you navigate through the legal requirements involved.... more
I agree with Tony; I don't know the details of your new lender, but if the pre-approval was based on a "zero-net" from your existing home sale, and the lender is reputable; if the preapproval has an extended "good through" date, etc. and you already have another home lined up to purchase. it may work out. I think the odds are against you, however, in the event the underwriters for your new loan question the situation and/or pull an updated credit report prior to closing... it really is a "wait and see" crapshoot like Tony mentioned... and one that you will have to decide if you are willing to take. I would absolutely have a back-up plan...... more