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Will the bank discuss a REO property with a tenant during the redemption period in MI?


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We are renting a home that went to auction last week, and was purchased back by the bank. In our state, MI, there is a 6-month redemption period in which the owner can reclaim the house if they can come up with the money. I very much doubt that this is going to happen in this case.

 

Our lease is up 6/1 and the redemption period ends on July 21. We initially were planning on moving by the end of the lease, but now we're wondering if we might like to stay if we can get a good deal on the house. We have lived in it long enough to understand its quirks and potential and, well, we're already here and like the house...it would be great not to have to move again if we can just buy here, especially if we get a good deal!

 

Two potential issues: our landlady is probably going to want to come into the house and strip everything she can out of it, and she is not likely to want us to stay, which means we'd probably have to convince her to let us, or plan on a fight. So before we even start thinking along those lines, I want to know if it's going to be worth it to us to stay. I'm curious what the bank bought the house for, and what their plans will be for it once the redemption period is up. Is there any way I can find out what it was purchased for at auction? Or figure out what they might try to get for it once it's back on the market?

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our landlady is probably going to want to come into the house and strip everything she can out of it,

 

If the bank now owns the house - they probably now also own the fixtures and appliances that were there when you moved in. If the landlady tries to come in and remove the stove/fans/AC or any fixtures, I believe the words "burglary" and "vandalism" come into play - I'd call 911. I'd also document - via photographs and/or video - the content and condition of every room of the house, as well as the exterior, TODAY, just in case anything happens.

 

she is not likely to want us to stay

 

Is your lease still valid, seeing as she no longer owns the property? (assuming that she does not redeem)

 

You might want to call the lender that now owns the property, and ask what their position is in relation to you as tenants.

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our landlady is probably going to want to come into the house and strip everything she can out of it,

 

If the bank now owns the house - they probably now also own the fixtures and appliances that were there when you moved in. If the landlady tries to come in and remove the stove/fans/AC or any fixtures, I believe the words "burglary" and "vandalism" come into play - I'd call 911. I'd also document - via photographs and/or video - the content and condition of every room of the house, as well as the exterior, TODAY, just in case anything happens.

 

she is not likely to want us to stay

 

Is your lease still valid, seeing as she no longer owns the property? (assuming that she does not redeem)

 

You might want to call the lender that now owns the property, and ask what their position is in relation to you as tenants.

 

thanks. I'm just so confused about what the MI law means. I called the law office that handled the foreclosure, and they said my landlady is still considered the owner of the home until the redemption period is over. But how can that be when the home was SOLD to the bank? My lease still stands, though, that much I know.

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