  Eric_c Member Username: Eric_c Post Number: 1273 Registered: 11-2003 |
Hot on the heels of the Islandview Village Mi City Homebuying Toolkit, it's Grandmont-Rosedale's turn: Check out the video: http://www.youtube.com/watch?v =5D1btJzouVw&eurl=http://www.m odeldmedia.com/features/mdtv15 208.aspx?utm_campaign=What%20t he%20Kids%20Want&utm_medium=Em ail&utm_ Then, sign-up here: www.micityhome.com The Islandview event was informative and great fun! Please attend! | ||
Iheartthed Member Username: Iheartthed Post Number: 3321 Registered: 04-2006 |
Wow, I remember that house. I'm sad to learn that it's been vacant for 2 years... | ||
Eric_c Member Username: Eric_c Post Number: 1274 Registered: 11-2003 |
Be happy...a neighbor is restoring it! | ||
Eric_c Member Username: Eric_c Post Number: 1275 Registered: 11-2003 |
>bump< | ||
Iheartthed Member Username: Iheartthed Post Number: 3331 Registered: 04-2006 |
Be happy...a neighbor is restoring it! Well, I don't think it was in that bad of shape to begin with, but... It's just sad that a good house sitting in a good neighborhood in Michigan's only major city would sit empty for so long. | ||
Registeredguest Member Username: Registeredguest Post Number: 390 Registered: 10-2003 |
"Well, I don't think it was in that bad of shape to begin with, but... It's just sad that a good house sitting in a good neighborhood in Michigan's only major city would sit empty for so long." More likely than not, it was empty for so long because (a) the bank had to initiate foreclosure proceedings, which take around a year; (b) the bank then had to put the house on the market, which takes another month, if not longer due to processes and such; and (c) the new owner had to place an offer on the home, have the bank accept the offer, get approved for appropriate financing, and close - another process that takes up to 3 months. | ||
Parkguy Member Username: Parkguy Post Number: 314 Registered: 04-2007 |
Plus a foreclosed home can be redeemed for a period of time after the sale, I think. | ||
Bvos Member Username: Bvos Post Number: 2290 Registered: 10-2003 |
If you buy a foreclosed home using a mortgage, the mortgage company will make you get title insurance on the property. That process by the title company will uncover any potential claims prior owners would have on the process before you sign the final mortgage and purchase documents. Most banks, when they're selling a foreclosed home, are selling a house where the redemption period for the former owner has long passed. | ||
Lefty2 Member Username: Lefty2 Post Number: 1582 Registered: 07-2007 |
By law they have to wait after the redemption period. A mortgage company cannot force you to get mortgage insurance if the value is under 80% LTV. |
