Declaring Personal Bankruptcy In Michigan
For real estate agents and brokers … Can a bank foreclosure property will be sold during the grace period?
Our builder / developer went bankrupt in the model home and many others in our neighborhood. It will be auctioned in January sheriff. Find buyers willing to pay more what the Bank has paid for the model home at auction, but our manufacturer can not sell it. I asked the bank and said I have to go through it? Bizarre, because I own now and I think it would sell. He has a grace period of six months with the money and buy … He has already made a personal bankruptcy, so unless you win the lottery, its not going to happen. Thus, although known to be a buyer out there, refuses to renounce the sale price in July and said he was withdrawn from the market until then. I have never heard such a thing … I wonder if the real estate agents or brokers with experience can shed light on this for me? BTW – we live in Michigan.
If your state has a grace period (not mine), then the bank is not technically own the building until the grace period has expired. The former owner has a right of redemption, which would prevent clear title transfer to any other owner. I suppose the bank pays less than the auction house is worth in the market because it is likely that the actual financing costs of the manufacturer, which does not exclude the benefits for the manufacturer. The manufacturer is entitled to expect that the end of his term of redemption. I think I will try to sell the house of his own, then buy the auction that way. He can do as long as it is about the expiration prioir redemption.
The Law Show with Brian Dailey – Michigan Personal Property Tax Question
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