Back in July of 2013, the Governor of Michigan, Rick Snyder signed a series of bills, which changed the redemptions rights of a homeowner after having their property foreclosed on and sold. January 20, 2014 the new law became effective. The Michigan right of redemption period rights law allows for a homeowner, in the first 6 months, after their residential property has been foreclosed on and sold, a chance to buy their sold property back. The new laws helps the purchaser ensure their property is secure during the 6 month redemption period. If there is a threat of damage to the property, the purchaser can usually take possession of the foreclosed home within that 6 month period.
In addition, he wrote a letter to Michigan legislature asking for legislation to aide with clarification with the new redemption rules. Even though the bills have been signed, those clarifications we are waiting on focus primarily on inspect rights. There is mutual agreement that there needs to be an established inspection period. In regards to how often and making sure the property is actively being protected in everyway possible.
In order for the new homeowner (the foreclosure sale purchaser) to determine if there is threat of damage to the home, there must be inspections. The person inspecting must look at the interior and exterior, without notice, to see if there are any signs damage has occurred. Damages classified under the new law would cover forced entry or items stolen or missing from the home. Examples includes: broken windows, broken doors, boarded up windows or doors (forced entry), trash and debris that was not previously there, missing appliances, stripped wiring, metal, fixtures, or anything of value. If any damage is suspected, the purchaser is entitled to initiate summary proceedings to take possession of the property.
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