Colli Real Estate

Seller didn’t tell me redemption period?

I recently signed a purchase agreement and sent the check (which the title company holds) to buy property in Michigan. The seller bought this from the foreclosure.
Only after this, I became aware of the redemption period (which expires next year) because the seller didn’t tell me. (The title company wrote to me the fact when it sends me the paper but I didn’t think deeply and signed.)

Hmmm… If you’re getting a loan for the property, it will be denied. That should be enough for you to get your earnest money back. If you’re buying it with cash, or owner carry, then you really needed someone to look over the title commitment for you – you still might be able to get out though. Check with a Michigan real estate attorney about disclosure requirements for this scenario.
If it does get redeemed, there probably is a requirement for the old owner to pay 125% of what the buyer paid – (not what YOU paid) – so if he bought it for $10k and you paid him $50k, you might hope to get back $12,500.

Michigan Foreclosure Report T.V. – Episode 162

Miscellaneous papers on the botany of Michigan $18.81 Miscellaneous papers on the botany of Michigan

Michigan Papers On South And Southeast Asia $18.15 Michigan Papers On South And Southeast Asia

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The Foreclosure Game $29.95 The Foreclosure Game

The Foreclosure $21.44 No Synopsis Available

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