REO in Michigan: I won on Auction.com...now the fun starts...
So I won an auction on Auction.com for $51,500 cash (comps in the area are 75-85k for a similar home).
Here's a synopsis of my situation:
- I intend on living in this house.
- The "bank" selling the home is transferring the interest of the Sheriff's Deed through a Quit Claim Deed.
- This house is occupied but I'm not sure if it's the original mortgage holder or tenant(s) - HOW DO I VERIFY THIS?
- The Redemption Period ends on June 13th - I'd like to extend an offer of "Cash for Keys" with a Waiver of Redemption but the documentation I have says I can't contact the occupants of the home.
- The Title Company running this transaction will provide a Title Commitment for Title Insurance after the Redemption Period is over, which (as mentioned) I'd like to expedite.
- Can I insure the property with only a Quit Claim Deed? I technically do not own the home until the Redemption Period ends - I just don't want the house to be destroyed without insurance (losing most of my money).
I understand the risks:
- Sight unseen of the inside
- Occupants could trash or have trashed the place
- Potential eviction "fun" to be had
Has anyone had to deal with this similar or exact situation in their past? How did you deal with it?
I'm looking for a reasonable process of completing this transaction. Please help!