Need Advice Asap! For Redemption 3/23
Neighborhood townhome foreclosed on by association for dues. Townhome is owned by an estate that is turning over the keys to our assoc. probably friday. End of Redemption period is 3/23 monday. Executor of estate must not know there is no 1st mortgage and thinks it is under water. There are past due assoc fees and back property taxes(I did a title search) I talked w/ association about buying their position but when they found out there is no 1st the price of poker is going way up.
How do I approach the executor about buying their position and redeeming the foreclosure w/out tipping them off too much??
The redemption period is 6months and foreclosure sale was filed on 3/23/08. Does that mean I have all day monday 3/23/09 to redeem? or do I have to redeem this friday before start of business on monday?
What is the actual process of redeeming if I were to get executor to agree on something? Is it just a notice to the county and settle up after that? or do I need to have the money in hand and have everything settled that day?
Thanks for your immediate help!
should I post this in the deal section as well? Admin please move this post there if that is better.
according to public notice, the executor is unsupervised solely responsible for selling property.
Oops, it is six months due this monday 3/23 so the FC date was 6 months ago, I mis-stated.
It was FC for past dues to association. I am on the board and made a competing offer to take over the associations spot as they had an outside investor approach with an offer as well. The investor offered a premium to the amount owed and was threatening to cut out assoc and go directly to the estate to try and cut a deal to redeem if we didnt do the deal.
They voted against me even though I made a higher offer. However, I am declining to go to the estate directly out of fiduciary responsibility knowing the offer and being a member of the board.
Our own association attorney brought this investor in and finally disclosed at last minute that the investor was a former client of the law firm and is paying the attorneys fees for us! Golly gee, how thoughtful. Something that we did not request. Can you say conflict of interest?
I believe I will be resigning from the board.
This sounds like a recipe for problems. I would stay away from this one if I were you. You could also be accused of conflict of interest since you are on the board that initiated the FC.
was the executor properly notified of the FC? I am pretty sure that tif the executor is doing their job right, they will know that there is no mortgage on the home.
waht is the spread between the association dues owed and the value of the home?
JS.
Ask your attorney how you can "Go for it" without a conflict of interest.... Then DO IT!
[addsig]