Is it possible to purchase a property that is scheduled for a Wayne County, Michigan Auction prior to the Auction?
For example, can the homeowner agree to sell the property to an investor to satisfy the debt to the bank even though the property is already scheduled to be sold at auction? Or is it simply too late for the homeowner to stop the process?
If this can be done successfully, please explain the process taken.
Thanks in advance.
I'm not an expert at Trustee Sale law in Florida but I've done a lot in Nevada. BE CAREFUL on this, there's a lot of opportunities to be taken advantage of in this transaction. You need to confirm you have the right person before doing anything. Its also matter of getting to the foreclosing authority or "Trustee" of record involved, you can get that information at the local Recorders office. Only the Trustee can release or delay IMHO. Before funding anything I'd recommend a highly experienced Real Estate Attorney in foreclosure law. In most states there's a ton of other ways to delay but that's a start. Remember, everything about this attempt is on a legal timer and it will go ahead without any further input from anyone.
In MI you can certainly buy prior to foreclosure auction - if you do there will be some time required to close and record things, so be prepared.
MI also has redemption periods, so it's even conceivable to buy after the auction! See link:
Just be aware, if you're looking at something out of state.....laws and traps vary by region, and if it was a deal a local investor would be buying it.