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Updated about 4 years ago on . Most recent reply
House in foreclosure. Owner deceased. How to buy?
Looking for my first flip and found one pretty interesting. Its actually the house I grew up in.
Owner died a few months back and the house is now in foreclosure. It seems they served a Lis Pendens
shortly after his death. What happens to the house? It seems he refinanced it about 15 years ago for about
240K with an adjustable rate 30yr mortgage. I dont know value of that currently but the house in current condition
maybe worth about 100-120K. ARV would be about 219K with maybe 25K in repairs.
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
Some heir has to gain the legal power to sell....if there is a surviving spouse it is much simpler. If not, probate has to be opened and a Personal Representative appointed.
Note, if the house is upside down on the mtg, there is no incentive for an heir to go thru a short sale process.....they just let it go to foreclosure as they have no liability.