Attend Sheriff Sale?

[dmbshop]

Has anyone attended the sheriff sale on your home? Can you--just out of curiosity or is it open only to serious bidders? Our's is coming up on the 17th of September. We are in Michigan if that makes any difference.

[justbroke]

You can attend, but you can't bid. Most require a cashier's or bank check in the amount of $10,000 just to get a bidder ID. I don't know why you'd want to go anyhow.

[tobee43]

why would you wnat to go anyway...just curious?

[Flamingo]

There was a big front page news article on a lady in Texas, I believe, who went to the sale of her home and someone there felt so sorry for her they bought her house and gave it back to her allowing her to rent to keep it and live in it.

[tobee43]

flamingo...NO WAY!!! now if that doesn't beat it all...

so, now what she gets the house back to the trustee can sell it and distribute the monies....holy cow and a half!

what is this a gift...i think it would be nabbed right up by the courts if she was in bk??

[justbroke]

For what it's worth, Texas and Florida both enjoy an unlimited homestead exemption. (Note: there are some limits based on how long the home has been owned based on the BACPA 2005 amendments, but most expire after 230 days or so.)

[tobee43]

For what it's worth, Texas and Florida both enjoy an unlimited homestead exemption. (Note: there are some limits based on how long the home has been owned based on the BACPA 2005 amendments, but most expire after 230 days or so.)

well, then, that person who purchased it back for this lady....most surely has a place in heaven!! that's, indeed, nice to know that there are still some real humans out there somewhere!

[HakunaMatata]

I'm assuming the Texan woman who was able to continue to live in her home doesn't technically own the house. She likely consented to a lease-to-own agreement.

I didn't attend my Michigan Sheriff Sale; although, I followed up on it. You can obtain sale information by contacting the Register of Deeds.

Since I recently went through this process (June), a note of caution: There are countless scams in Michigan (likely other states as well). I've had numerous people come to my property and/or leave paperwork alleging to be associated with my lender. They've offered "cash for keys" type programs in exchange for a Quit Claim Deed (their paperwork appears official; however, the wording is very shady).

Should your sale align with that of my house (my lender obtained the Sheriff Deed by bidding grossly below the original loan value), you may have options. If I redeem, I have immediate equity (hence the numerous people trying to obtain sale rights to my property). BK prevented any potential deficiency judgment. I have the option to redeem and remain (owning my property outright) or I can sell, redeem, and profit.

[ccsjoe]

I attended the public auction for the home I was renting for two reasons. I am in California.

1. To make sure that the trustee (Recontrust) did not drop the bidding price at the last minute, as is their discretion, to make the house price competitive (opening bid listed at 378K, house appraised at 117K); and
2. If the trustee did drop the price, to make sure anyone wanting to bid knew the house was occupied by renters with big teeth. Most investors do not want to deal with vacating renters especially after the passage of the PTFA in 2009.

It was in my best interest to ensure house went back to lender so that I could then negotiate cash for keys (C4K) which I did at over 4K!!

[tobee43]

we surrendered our house .....for a number of reasons. besides the fact the basic expenses exceeded over $8000 monthly....(no problems ever paying until job loss...never late on our bills in over 40 years!)

i feel very bad for whom ever purchases it...it floods...it needs a new well and septic....it has mold....it needs a new roof....it needs a new kitchen and bathrooms...they have their work cut out for them!

so whoever gets our old place...they have our deepest condolences that's for certain!

[dmbshop]

In answer to why I was thinking of attending, it is purely out of curiosity. I will probably just check with the registrar of deeds after the fact though. I was just wondering if it was an option or if you needed bidder checks to get in and what actually happens once you are there.

[justbroke]

It's an option to attend. Be aware that many are literally done on the courthouse steps and the list is already prepared. They bid on a "lot" number. It all goes very fast!