Order to file Inventory

[goslincm]

What is the name of your state (only U.S. law)? Michigan.

I plan on bidding on real estate going to a sheriff auction. The owner passed away 12/2009 and the personal representative has failed to file inventory and now is schedule for show casue hearing the same date as the sheriff auction. Aution is at 10am and the show cause is at 10:30am.

How will this show cause effect my being high bidder on the real estate.

 

[nextwife]

IF Michigan is anything like WI, the purchaser at Sheriff's Sale must wait for Confirmation of Sheriff's Sale BEFORE the sale is final. Typically that can occur days to weeks after auction if a county is very busy with foreclosures. The party being foreclosed has until confirmation to redeem and pay off the loan amount and keep the property. Whether the PR (or a replacement PR) for the estate can or will redeem is anyone's guess.

Do you HAVE ANY SOCIAL/MONETARY RELATIONSHIP with the PR for the estate? Have you been granted access to inspect? You seem CERTAIN you will be high bidder. How so? Did you obtain a title commitments so you are certain of what you'd be getting (taxes owed, matters still affecting title, such as HOA fees or prior mortgages)?

 

[goslincm]

order to file

I have had title work done. In Michigan, there is a six month redemption period for the "owner" to redeem and buy back the property.

So you are not familiar with Michigan foreclosure laws? I was hoping someone might be able to reply back that knew Michigan law.

Thanks

 

[FlyingRon]

Generally after the fail to file inventory and then get the order to show cause while not, they're held in civil contempt and someone else is appointed as PR/executor.

How that will affect the timing of the sale, I don't know. It's always possible that the sale is cancelled or postponed at the time it is to occur. If you're going to bid at the court house steps, you're going to have to get used to such things.

The probability of a delay depends a lot on what the nature of the sale is. Is this a foreclosure from the mortgagee, condo association, tax sale, or something to satisfy the other debts of the estate?

 

[nextwife]

I have had title work done. In Michigan, there is a six month redemption period for the "owner" to redeem and buy back the property.

So you are not familiar with Michigan foreclosure laws? I was hoping someone might be able to reply back that knew Michigan law.

Thanks

MI FC process:
Michigan Foreclosure Laws

Whether the estate will redeem, or a replacement PR do so, is anybody's guess. Expect the lender to bid no less than their judgment amount.

 

[goslincm]

Order to file inventory

Well, I was high bidder yesterday at the foreclosure sale. At the same time (or at least same day) the Personal Representative for the estate failed to show on a previous order to file inventory show cause. How that will play out I have no idea. Is is possible the court finds her in contempt and assigns someone else as Personal Representative, can that have an impact on the sale that took place?

I would ideally like to be able to file notice of abandonment and redeem the property within 30 days of the sheriff sale. Obviously the deceased individual has not been in the property for over 1 year now, and the personal representative for the estate and "abandoned" all duties.