Re: Renting a Foreclosed Home

Posted by Nick(Colorado) on October 18, 2006 at 08:58:16:

In Reply to: Renting a Foreclosed Home posted by Doug on October 13, 2006 at 20:45:02:

Doug:

In Michigan the owner has a 6 month period of
redeption on the property. Basicly you could continue
to rent from the foreclosed owner during the 6 months.
Most likely the owner is trying to sell the property,
during the redeption. That is why they are showing
the property. If the foreclosed owner finds a buyer,
then that buyer may what you as a tenet. This is
your leverage in the deal. It sounds like you have
already made up your mind to find a new place. If
this is the case, just leave. Worst case is that
you will end up in small claims over early termination
of the contract.

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Comments:
: Doug:

In Michigan the owner has a 6 month period of 
redeption on the property. Basicly you could continue
to rent from the foreclosed owner during the 6 months.
Most likely the owner is trying to sell the property,
during the redeption. That is why they are showing
the property. If the foreclosed owner finds a buyer, 
then that buyer may what you as a tenet. This is
your leverage in the deal. It sounds like you have 
already made up your mind to find a new place. If
this is the case, just leave. Worst case is that 
you will end up in small claims over early termination
of the contract.

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