Being new to REI, I'm not sure what to do with the following scenario, but I think I smell a deal! Advice, guidance and even "hand-holding" are welcomed!
Yesterday I located a property in pre-foreclosure, scheduled to be auctioned mid-March. The foreclosure notice is the mortgage company vs. "the unopened succession of".....
The owner apparently died in June 2012, and the house appears to be vacant.
The writ amount is $98,500. (What is the best method for finding/determining accurate comps?)
Indications are that the brick house was built in 1994 and is approx. 1250 sf. From the outside, it appears to have been kept up; someone has at least been taking care of the yard. It is in a good neighborhood and, having to guess based on outward appearances, I would assume that very little would need to be done inside to make it move in ready. Again, I would conservatively estimate that this house would retail for $150K.
Upon "googling" the deceased's name last night, within two minutes I was able to find the names of four children and eight grandchildren. Additionally, with little effort, I found telephone numbers for one child and one grandchild. These were the first and only two that I attempted to find. (I figured I could search for others if needed.)
I am assuming that the next step would be to contact these relatives and pursue a deal. I have no problems doing so, BUT moving forward would potentially make this my first deal! Because of my complete lack of experience, I am asking the seasoned veterans here at Bigger Pockets! What should I do next? What type of deal would be the best strategy? What would YOU do? I am here to work, learn and earn!
Your input and assistance is greatly anticipated and even more appreciated!
An unopened succession may indicate that the whereabouts of an heir or heirs to a property are unknown. This could be a sign that this property needs to go through probate.
You need to find out if someone has authority over this property. Find out if there is someone named as an executor of estate or if there a will. Depending on if this is a short sale or a standard sale, you can try to make something work a few different ways.
I hope this helps to some degree. Feel free to contact me if you want to speak in more detail.
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