All Forum Posts by: Geof Greeneisen

Hi @Lisa Temple,

Welcome to BP! Auctions are tricky and in our area have become very competitive. In many cases buyers are bidding above what could be purchased off the MLS. You can find information about houses the Land Bank has at Michigan Land Bank Fast Track Authority. I guess it depends on what you are looking for but the properties they typically end up with are pretty rough.

What areas are you looking in and what type of investing are you interested in?

Holly,

Make sure you have the case number when calling Orlans tomorrow morning. It sounds as though there were two postings on the door. One would have been the notice of foreclosure (sometimes these get ripped off). The mortgagee must post on the property and 3 times, once per week online or in newspaper, prior to foreclosing on the note at sheriff sale. Once the property goes to sheriff sale, in this case Mar. 21, the redemption period begins. I just checked Orlans website and it looks like they have another one going this coming Friday in Twin Lake on West Lake Rd. with an opening bid of $11,600.

Since the property was deemed abandoned, the mortgagee had to file an Affidavit of Abandonment. That too should have been posted on the property. Once posted the redemption period is 30 days from the date of posting on the property, which in most cases is the same day as the sheriff sale. You can get a copy of the notice at your County Clerks office, just give them the address and date of sale.

Either way, your only chance to strike a deal prior to the mortgagee listing the property in a couple months with an agent is to try to purchase through the receiver, in this case; Orlans. They will provide you the opening bid amount and if it is an amount that you are agreeable to, they may work with you.

Hi @Holly Gauper, Welcome to BP!

@Account Closed is correct, after sheriff sale there is a 6 month redemption period in Michigan. If the bank found the property to be abandoned, and filed an Affidavit of Abandonment, then the redemption period can be reduced to 30 days. The notice should be taped to the front door. On the notice, find the note holder's contact information, this will give you someone you can call to find out the status of the property.

Good luck!

@Tim Mercado Welcome to BP!

@Scott B. Welcome to BP!

@Scott VandenBerg I don't know if Michigan is different than other states but here is my experience buying at sheriff sale. Once a note is purchased at sheriff sale all secondary notes lapse after the expiration of the redemption period. In Michigan redemption rights can be purchased. Once purchased however, the second mortgage can be reactivated. That second then must be foreclosed upon.

@Aaron Yates is a little off in that any deficiency judgement the bank may have claim to, lies with the original owner, not with any buyer at a sheriff sale.

If you purchase the $80k second note, highly discounted, say for $2k (as example) you can only foreclose for the amount you paid not the original value of the note. I don't think there is a good way for you to get back into this deal that has a decent likelihood of success.

Welcome @Brandon French! What kind of consulting work do you do?

@Aaron Yates Wednesday is better for me. Thanks for putting it together.

Welcome @Thomas Blaine BP is a great resource. I'm in for a meet up @Tom A. you'll have to keep us updated.

Hi @Robert Piller, I've been purchasing in south Oakland County for the past several years, specifically Royal Oak, Hazel Park & Ferndale. These areas are north of Wayne County. If there is anything I can do to help shed light in these areas I would be happy to share my business model. Your numbers are do-able in these areas, but probably not too much longer.