Motivated Seller On 1st Stage Forclosure
MKE, WI: Single family home in 1st stage of court forclosure: Assessed @ 135K, appraised at $140's (18 months ago), mortgage = $150K / 12% interest, neigborhood comps @ $165 - $180K, $19K owned now. Forclosure to be finalized in Feb. Original owner deseased; only son wants to sell ... what should I do? I'm totally new at this.
Do they owe $19,000 or $190,000? Makes just a bit of difference. If they owe $190,000 your only option is do do a short sale. If you can buy for 70-75% of market it may be a good deal if it needs no work. Subtract any repairs from that figure to arrive at maximum offer to short sale or owner if the loan is down to $19,000.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
If the title to the property is held by the decedent then how can it be conveyed? Is there a will, this will spell out the heir/heirs and personal rep. Was the subject property the decedents homestead? Is there margin in this deal, or do you need to ss to create it? Unless there is someone else on the title you will need to take this to probate to get clear title, this takes time and some cash but worth it if you can find the margin. Hope this helps.
Thanks for the info from both of you. I see what my next series of questions are for the son. To my knowledge $19K is owned in back mortgage payments.