Hello All ,
I found a vacant single family property in the Bronx , Ny and the owner is deceased . She has a mortgage on the property and a Les Penden was filed 2 years ago on it .I am assuming this property with become a REO but I wanted to know if contacting the lender would be a good idea to see if lender would entertain a short sale because borrower has past ? If any one has any ideas or opinions please let me know .
Regards,
Francisco
Replies
Miguel,
Is the property still available?
Thanks.
Miguel Chavez said:
I believe it would be best to contact the bank does she have any beneficary, this would be considered as an Estate property, and if the bank took it back they have their REO Agents that they would give it to. Nothing beats but to try best of luck.
My corporation has a contract on this property.
Legal 2 Family, 4 Bd, 2 Bths, 1.12 acres. Nice TUDOR Home in good neighborhood. Appraised "as is" at 410,000.00, needs about 90,000 in repairs ARV is 499,000.
We are looking for an INVESTOR, CONTRACTOR or END BUYER who can close in 20 days and willing to pay $219,000.00 for this home.
There is a $10,000.00 finder's fee included in that price, paid at closing if you provide the buyer. (See posting: 305 New Rochelle...)
Dear Francisco,
Hold your horses folks!
First go to the Surrogate or Probation Court in the Bronx County.
You can find there what is the status of the case, who administrators of the estate are, who are heirs, all bunch of very important info.
I am not familiar with the Bronx County Surrogate Court, I have experience with doing researches in Manhattan and Kings Counties Surrogate Courts.
Email me, we can go together to 851 Grand Concourse and I may help you to do research.
Andrew Skorynkiewicz
ilikesolutions@gmail.com
1.- You can conctat the lender but is depending what are you thiking to do, if you going yo wholesaler the property you have to bring first the property current, and have your end buyer in place.
2.- is this person is more than 62 years and older you can help her to do reverse mortgage incase she have good equity on the property any question you can email me at greenrehabber@hotmail.com
Franciso-
I agree with what Ibrahim said below. You would need permission from the owner to contact the lender, but since she is deceased, chances are the property is in its in the estate of the owner, if it is even set up yet.... in which case you will have to find out if there is an executor (if they left a will) because then they would take possession of the property. If there is no will, then then whoever wants to become the administrator of the estate will have to petition for it (I used to work in estates law) which could take several months or longer (the surrogates courts are a pain in the you know what). Also, if it is vacant, then chances are that there are violations on the property (sanitation tickets, etc.), which I can help remove :) Please send me a PM if you would like to discuss further.
Kristen
Francisco, are you assuming that this will become an REO? I understand that in this foreclosure/buyer's/reo/shortsale etc. market most people assume that if it's in foreclosure it's under water. But my belief is that this should never be assumed by real estate investors (people in real estate really but I noticed that alot of realtors do it as well - no shot at Realtors as I am also one).
I've specialized in vacant/abandoned properties for 10 years now. The first thing I would do is (I'm assuming you did this already but in case you haven't) look at the lis pendens and confirm that it was filed due to a delinquent mortgage. It could have been delinquent taxes, a civil dispute with a neighbor or nothing at all to do with the property. Next, assuming that it was filed due to a delinquent mortgage, take a look at the mortgage doc as it's recorded with the county. It could be just a small $15k loan. But because the owner is deceased and there's no one responsible enough to pay it, it's going to foreclosure.
Afterwards, come back here and let's discuss this some more. Or send me a PM. There are a few things you can do to determine who the heirs are and how to approach them so that you have a good chance of buying this thing cheap.
Of course you may have done all of the above. If that's the case and this property is under water then the only real options you have are to either get in contact with the heirs and/or rep. of the estate or wait until the lender or third party takes ownership. It is illegal for the lender to speak with you about this loan unless you either have an interest in the property (junior lien holder, judgment creditor, etc.) or permission from the rep. of the estate. Good luck.