All Forum Posts by: Cyle Lublin

@Scott Matthew C. Title appears to be clean per the title company working on the title commitment. The thing that makes me nervous is that they said they would “update the title” after the redemption period to provide title insurance.

So I won an auction on Auction.com for $51,500 cash (comps in the area are 75-85k for a similar home).

Here's a synopsis of my situation:

1. I intend on living in this house.
2. The "bank" selling the home is transferring the interest of the Sheriff's Deed through a Quit Claim Deed.
3. This house is occupied but I'm not sure if it's the original mortgage holder or tenant(s) - HOW DO I VERIFY THIS?
4. The Redemption Period ends on June 13th - I'd like to extend an offer of "Cash for Keys" with a Waiver of Redemption but the documentation I have says I can't contact the occupants of the home.
5. The Title Company running this transaction will provide a Title Commitment for Title Insurance after the Redemption Period is over, which (as mentioned) I'd like to expedite.
6. Can I insure the property with only a Quit Claim Deed? I technically do not own the home until the Redemption Period ends - I just don't want the house to be destroyed without insurance (losing most of my money).

I understand the risks:

• Sight unseen of the inside
• Occupants could trash or have trashed the place
• Potential eviction "fun" to be had

Has anyone had to deal with this similar or exact situation in their past? How did you deal with it?

I'm looking for a reasonable process of completing this transaction. Please help!

Thanks @Jay Hinrichs! I was definitely considering that approach.

I'm just not sure the legal ramifications with that - I was going to lawyer up and produce "Waiver of Redemption" paperwork so that there's no gap in the title.

Real Estate Law(ish) question:

I bought a property on auction.com for $51k and I’m closing the property to a Quit Claim Deed. There’s a redemption period that doesn’t end until June 13th where they would have to pay $62k to me, which sounds too good to be true. The title appears to be “free and clear” as well. The “middle man” title company is going to do a title search for me as I’ve shown that I want to owner-occupy the property. I verified through the assessor that there’s no back taxes or water bills. The home is occupied and I’d like to offer “cash for keys”. I’m not sure of the legal ramifications for offering that option prior to the redemption expiration. What other risks do I still carry at this point if I close?

@Jaron Walling ah okay. Yeah, I'm keeping my expectations very tempered. All paperwork has been submitted and now the bank has to accept the offer or reject it. The reserve was met but they can still say no, which seems pretty dumb - they should be legally obligated to commit to their reserve price. If they accept it, it'd be a decent deal (I think). It's a 2/1.5, 800 sqft in Allen Park, MI that I "won" for $52k. The comps in the area look to be $80-85k with rents at about $800-850 for 2 bed (rentometer). Assuming the people living in the house now don't go ballistic and destroy the place, I'm hoping to have a decent owner-occupied for a first home.

Haha @Jaron Walling what does that mean?

So I just won a property on auction.com and the property is occupied, which means they have a redemption period.

Can someone give me their experience and/or advice on how to handle this whole process?

I'm a first-time homebuyer and I have very little experience with this.

Thank you!

I currently live in Southeast Michigan (closer to Ann Arbor) and I was wondering what the potential/options are for building a new duplex to "house hack" (live in one, rent the other)? I know it will probably depend on the city and whether they'd allow construction, but I was wondering if anyone has had experience building new multi-family homes within the past 5-10 years. 

I simply cannot find anything worth purchasing on the MLS/Realtor websites that fit my criteria.

Any recommendations for the following would be greatly appreciated...

- Most cost-effective location to build

- Builders

- Design/Planning/Architecture

I'm sure there's a reason why there aren't a lot of new multi-families being constructed...I'm hopeful this might lead to something though!

I'd like to know if anyone has had any experience investing and/or purchasing real estate in Monroe and/or Monroe County. I'm new to real estate and I work in Monroe. However, I haven't explored the city too much and would like to know opinions on the area and if there's any good blocks or neighborhoods to keep an eye out for property in.

Best,

Cyle

@Account Closed mentioned, the taxes are usually pretty prohibitive and have dissuaded me from buying property in Ypsilanti. Second, that specific area is a bit rougher - crime rates have trended high for well over a decade. There's probably some background reasoning for such a low price. Be careful!