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Posted by Bill H on June 21, 2005 at 11:18:11:
In Reply to: Redemption periods posted by Terry from Michigan on June 21, 2005 at 10:33:13:
: Hi. just learning about the prosses of foreclosures
: 1. the local paper has 4 pager of forclosures every week.
: 2.took the name of the people and townsip they are in and got the information from the tax asseser (public knowledge)address, SEV, taxes and if taxes are payed to date.
: 3 wert to sheriff sale at the court house
: (every Thursday at 10:00) every property had a minimum bid from the morgage Co. that holds the paper on the property.
: 4. No one bid on any of the propertys because of the
: 6 month redemption period.
: Does anyone know if there is a way around the redemption period? If you do bid,you cant even get Insurance for that 6 months because you don't have a deed on the property. What am I missing?
: Thanks Terry Saline MI.
Hi Terry:
You posted:
1. the local paper has 4 pager of forclosures every week.....About normal for smaller to middle sized cities.
2.took the name of the people and townsip they are in and got the information from the tax asseser (public knowledge)address, SEV, taxes and if taxes are payed to date.....,,,,Good start...now do the rest of the homework...go see the property, examine as much as possible its physical condiditon, establish a value for it....do as MUCH as you can to be SURE it is a vialble deal! Usually the outside will give you a fiar representation of the inside. Nice clean cut lawns, etc...probably good inside.....Car outside on three wheels and a milk crate, grass not cut, weeds, GUESS what the inside will look like?
3 wert to sheriff sale at the court house
(every Thursday at 10:00) every property had a minimum bid from the morgage Co. that holds the paper on the property...... That is normal....lenders cannot profit from the sale.
4. No one bid on any of the propertys because of the
6 month redemption period.......WRONG...probably no bids because the propety is worth LESS than the opening bid.....do your HOMEWORK.
Does anyone know if there is a way around the redemption period? .....None that I know of come to mind other than buying the redemption rights from the prior owner. AND!!!!!Bear in mind tht if you buy at the sale and then buy the redemption rights and redeem....Guess What...you are back to square one...you get all the old liens, etc...nothing is cleared from title. Buy the redemption rights and sit tight for the redemption period.
If you do bid,you cant even get Insurance for that 6 months because you don't have a deed on the property..........You are in for another surprise. You may not get title insurance for a year or more...each deal is different and title companies want absolute certainty about "Chain of Title." Title companies are very afraid that there might be a glitch, some entity was not property notified and they will have to pay off.
What am I missing?....Doing Your complete homework. "Investigate BEFORE you Invest."
Good Luck,
Bill H
Thanks Terry Saline MI.
