planning to bid on condo at foreclosure

[Kevin James]

I am planning to bid on condo foreclosure auction at the end of next month, the owner of the condo had passed away about year ago. and owe mortgage on the condo, the redemption period is 1 year instead of 6 months, I did my research and I found out that the owner has 2 kids, the condo worth more than what she owes on mortgage  and the location of the condo is good. I am interesting in biding and I need advice from expertise in this field what I should do.i drove by the condo and I notes someone still live in it, the starting bid I believe will start at 34K and the market value is about 90k, and if I bid on it and win the bidding what I should do next, one year redemption is long time to have my money tight down. 

thank you in advance for your help in this subject

Kevin

[Rob Jacobs]

Quote from @Kevin James:

I am planning to bid on condo foreclosure auction at the end of next month, the owner of the condo had passed away about year ago. and owe mortgage on the condo, the redemption period is 1 year instead of 6 months, I did my research and I found out that the owner has 2 kids, the condo worth more than what she owes on mortgage  and the location of the condo is good. I am interesting in biding and I need advice from expertise in this field what I should do.i drove by the condo and I notes someone still live in it, the starting bid I believe will start at 34K and the market value is about 90k, and if I bid on it and win the bidding what I should do next, one year redemption is long time to have my money tight down. 

thank you in advance for your help in this subject

Kevin

 Hi Kevin. Michigan law is 6 months redemption unless it's zoned agricultural and has over 3 acres. If the home is vacant, you can file an abandonment which will allow you to take possession after the 30-day redemption is complete. I live in Wayne county and you'll be bidding against a lot of other investors so, so if you know the family, you're better off buying the property before the auction but, I'm just basing this reply on the limited info that you supplied. Good luck.