When you are buying a foreclosure in Michigan, there can be some differences that people familiar with previous closings where they bought a home from an individual seller will find. For one, there are some circumstances where you may not recieve your key at the closing table, even though you signed all the papers and paid your required fees.
What has been happening in Michigan in the last five years or so is that the foreclosure companies are using a central title company based out of either Detroit or Lansing, and that title company either sends a representative to where you are or orders what is called a 'witness only' closing at a local title company.
Sometimes asset managers give instructions to not release the keys until the seller (the representative from the bank or mortgage company) signs their side of the transaction.
It has happened where they wait for the package to be sent overnight back to them, and then they will sign and give permission to release the keys. It does not happen too often, but it has happened to me at closings. I always try to inform my buyers of the possibility of this happening, and prepare them.
I created the following video to cover this aspect, and others that sometimes occur with foreclosure home sales. If you are interested in buying a home in Battle Creek Michigan or anywhere in the Southwest Michigan area, give me a call at: 269-441-8182 or contact me through my website at: www.michaeldelaware.com.
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