I am not sure if this is the right place to ask this question. Does anyone have any experience buying a house from auction in Michigan and if yes, how hard or easy is it?
@Fran Dixon I've bought multiple houses from auction. Assuming they're sight unseen, it's quite the roll of the dice. The auction companies aren't dumb and there's usually a reason they don't sell them direct of the MLS. I've had some turn out pretty well and a few that scraped by. Not a great idea unless you're well capitalized.
@Joshua B. Thank you so much for that information. Assuming I want to attempt it, does it take a long time to take ownership or is it a fairly easy process?
@Fran Dixon usually the sheriff’s deed has already vested and the bank (the owner who’s paying the auction house to auction) can close quickly. However, many of the auctions are cash only so be aware. They’ll let you finance on occasion. Some of them are occupied, too, so that’s another whole ball of wax. Lots of moving pieces and things to know. Again, not a great idea unless you have experience.
@Joshua B. Ok. Thank you for all of that insight, it was very helpful.