After six years sitting vacant, a condo was noticed for foreclosure once the bank account that paid the deceased’s condo association dues ran out of money. Subsequently, the condo went to foreclosure sale and was bought by a third party.
In the State of Michigan, there’s a six-month right of redemption after the sale of a property. During the six months, the mortgagors have the right to pay off the total price of what the home was bought at Sheriff Sale for and retain their ownership right of the property.
In this case, we opened an estate after Probate Asset Recovery, LLC (PAR) tracked down the rightful heirs of the condo. The heirs then decided to have us sell the condo on their behalf during the six-month redemption in hopes to pay off the third party and recover assets for the estate.
The clothing, shoes, and furniture found in the condo was all donated to Good Will. PAR ultimately sold the condo for $54,000 and netted the estate $39,824.14 within the six-months we had to redeem the property. The best part? While emptying and cleaning the condo, PAR uncovered jewelry, bank accounts and bank bonds which helped net the estate an additional $440,000! If not for PAR’s careful eye and attention to detail, the uncovered assets might have otherwise been lost to the estate.