Can someone explain how this works? What happens to the money you paid at the auction while the property is subject to the 6-month redemption period? Can you do anything with it during this time? Do you get the certificate of title right after the sale or at the end of the 6 months?? Are you responsible for property taxes and utilities during the 6 months? :-?
After a quick internet search, I'd say the answer depends. Click on the link to read up on what the redemption statute for your state says...
http://www.michiganlegislature.org/mileg.asp?page=getObject&objName=mcl-125-1449j&queryid=7177649&highlight=
Make sure you look up any more recent legislation noted by the "History" footnote at the bottom.[ Edited by wannabe21 on Date 06/23/2004 ]
Monica- If the property is under 3 acres and 4 units or less it is generally 6 months. If it is abandoned it goes to 30 days.
Quinn, I just answered this in another of your posts. Normally 6 months. Greater than 3 acres than 1 year. Abandoned then 30 days.
Thanks for the responses.
Quinn
Can someone explain how this works? What happens to the money you paid at the auction while the property is subject to the 6-month redemption period? Can you do anything with it during this time? Do you get the certificate of title right after the sale or at the end of the 6 months?? Are you responsible for property taxes and utilities during the 6 months? :-?