newbie needs advice, help

4 Replies

Good Morning,

                           I have so many questions but lets start with the first. I have located a property that is abandoned in Florida. Through research I have found the following

1. Owner is deceased and purchased property in 1999 for 57K

2. He does not seem to have a will or probate informaton on county website and he has been deceased for a year.

3. He does have a son in Florida who was made a POA as his father was ill for months before he passed. I have the address of this son.

4. The property seems to be in good shape as witnessed from outside and ARV would put property at 85-90K.

5. The property mortgage I'm guessing is now in low 20's since owner has been paying almost 18 years.

6. A lis pendon 's was just filed October 25 2017.

I have done 0 deals, I just became a member 10 days ago. I don't lack for confidence and fear is not a problem. I possibly see something that has 55K in equity, no court appointed executor, no knowledge of forclosures. How or should I proceed. 

Does the deceased still show as the property owner on the county tax rolls? That info can be seen online in many counties; see if there's county GIS records available online. If so, you can see who's responsible. 

If that turns someone up other than the deceased, or the son, then that's the place to start. If it doesn't, then start with the son. 

Send him a letter in mail, telling him who you are and what you do. Hand written wouldn't be a bad idea, but typed and signed would be fine too. Be cordial, be sensitive to his situation, and tell him you would like to discuss buying the property from him. You could even put a price suggestion in there. If he calls you back, emails, or whatever; that's the lead you're looking for. If he doesn't wait a few weeks, and send him another letter. 

Trying to make contact, and get the correct person to be responsive to you purchasing the property is your current goal here. 

Yes, the father is still on the county tax record. How much time do I have to put this together since the Lis pendons has already been served before the bank becomes the owner?

Updated over 3 years ago

Another concern I have is that I can't find probate information that anyone has been determined by a court to be administrator, executor etc. This would need to be rectified and I am always hearing that I have limited time with a foreclosure. So I ask the question do i have the time to accomplish the probate issue, negotiate and stop foreclosure proceedings.

When did the owner pass away, a year ago?  The probate just might not be filed yet, maybe the bank just found out about the death, that’s why they filed 10.25.17.  In my experience a delayed probate is more often than not a bad sign, but it could also be just uninformed heirs that didn’t know they needed to do a probate and settle the mortgage.

Usually when there’s equity the bank just waits for the estate to sell the property.  The bank would rather not pay the foreclosure expense if they don’t have to.