Legal Question in Real Estate Law in Michigan
I just recently purchased a house at a sherrifs auction. The home owner passed away and the house was foreclosed. The parents want nothing to do with the property. I paid cash and have the title and deed. There is a 6 month redemption period of which the house owner can retake possesion., however he is not with us. Can the parents. I would like to move in and have only driven by.
1 Answer from Attorneys
Although I have seen sheriff's sale purchasers move in prior to the expiration of redemption period, it is technically not proper. A lender has the opportunity to reduce the redemption period to 30 days if the property is "abandoned". However, the Michigan statute only allows lenders to do this, and you are technically not the lender. The house is tecnically owned by the estate of the deceased homeowner at this point, so you could possibly have the personal representative sign off if there is a probate estate opened. Be careful though, if there is a second mortgage or home equity loan on the property, you want the redemption period to expire so that the second mortgage/home equity loan is extinguished. So, relatively simple question, but not so simple answer because there are lots of issues involved. Good luck. Learn more at www.MichiganEstatePlans.com
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