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HelicopterOff Topics › Property Letter Arrived, Appreciate Input.
05-31-2013 08:23 PM  4 years agoPost 1
TheHud

rrNovice

Ellsworth, ME - USA

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Apparently a member of the family died a while back, which I had not heard about. My mom and her sisters are beneficiaries. My mom has passed and her sisters want nothing to do with it. That leaves it to myself and my sisters. So this letter arrives. As I read it, the house is going up for auction, no stopping it. I figure let it go and let the high bidder assume the debt. My sister thinks if we pay the $7000 due, we could stop the auction and get a house to use/sell.



Any property experts out there want to chime in?

Gun control is like fighting drunk driving by making it harder for sober people to buy cars.

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05-31-2013 08:32 PM  4 years agoPost 2
dkshema

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Cedar Rapids, IA

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Personal opinion, let it go. You weren't hot to own it before the letter arrived, what's changed?

You are not obligated now, why would you pay $7000 and incur a debt on a property that you have no real interest in owning? Your sister may have watched one too many "flip your house" episodes.

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* Making the World Better -- One Helicopter at a time! *

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05-31-2013 08:53 PM  4 years agoPost 3
ticedoff8

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Morgan Hill, CA. USA

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If I read this right, this is an AUCTION. Just like eBay. But, there is no "Buy It Now" button.

If you are the winner, the $7k is the deposit, not the final sale price.

EG:
Just like eBay, you are bidding against any number of people that show up on the Courthouse steps on that morning.

Lets say you placed the winning bid of $100,000, then you put down $7000 cash and you have 30 days to arrange financing for the rest.
If, you cannot qualify for a $93,000 loan, then you lose the $7000 "deposit" and they put it on next month's Courthouse auction.

Unless you know what the value of the house should be in this market, and you know you can qualify for a loan after you put down the $7k, I wouldn't do it.

But, (if it was me) I would spend $50 and have an real Lawyer look at the letter and give you his opinion.

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05-31-2013 08:57 PM  4 years agoPost 4
TheHud

rrNovice

Ellsworth, ME - USA

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ticedoff8:
If I read this right, this is an AUCTION.

If you are the winner, the $7k is the deposit, not the final sale price.
EG:
If the house sells for $100,000, and you placed the winning bid, then you put down $7000 cash and you have 30 days to arrange financing for the rest.
That's pretty much how I interpreted it, sis thinks $7k is a back owed kind of thing. I am pretty sure she is wrong.

Gun control is like fighting drunk driving by making it harder for sober people to buy cars.

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06-04-2013 12:14 AM  4 years agoPost 5
fla heli boy

rrKey Veteran

cape coral, florida

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go to a lawyer for a title search to make sure there's not a note due. No telling from that letter what you're getting into....

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06-04-2013 04:52 AM  4 years agoPost 6
kirk

rrVeteran

Northern, Colorado

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I would look at public records to see if a note is recorded on the home. Its pretty easy to do online in most places. I would also look to see what is owed in back taxes on the place.

IMHO the 7K is just a deposit and the house will sell for whatever is bid on it above the 7K. You can call the trustee and try to negotiate but I highly doubt you are going to get the house free and clear for 7K.

I think its worth checking out but I would really do my homework. If you and your sister are able to get it for 7K you may have to use some of the equity to pay off any other debts that the family member may have had... I am not sure what your state laws say. As others have mentioned I would contact a lawyer but I would contact one AFTER I looked at the public records to see if it was even worth messing with...

Kirk

Proud to have over 13 pages of Good Guy feedback.

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