How to acquire a property abandonded by the Estate's Trustee

Question

There is a property near where I live that is currently vacant and in really rough shape.  I researched the owner and discovered he had died and this property was part of his estate.  I read the court documents and discovered that the trustee for the estate received a court judgement to allow her to abandon the property.

I see that the taxes are current and paid by Chase bank.  I cannot find an address or contact info for the trustee because she has a very common name.

I do not see any mortgages recorded against the property but did find local code enforcement liens.

How would I go about getting my hands on this property if the estate has legally abandoned it?  The property is located in Florida.

Rick H. · Answer

Is there any equity?

What your preferred play?

If this is a probate estate, the person in charge is called either executor or administrator. Trustee (or successor trustee) is typically a term associated with a trust that owns real property. You'd better get this part clarified before trying to proceed any further, lest you come across as a time waster to the people that you wish to (positively) influence.

Rick H. · Answer

@Wesley Pittman This is an old thread; notice the date of last, prior post.

Since you're not adding to the old thread, I suggest you start a new thread, in the forum where you think you'll get the most or best responses to your query.

I can't tell you how many people 'intend' to research or take some other action but don't follow through. They make it easier for me because I do follow through.

Wayne Brooks · Answer

With no cooperation from the owner/guardian, there is no short sale.

Wayne Brooks · Answer

If Chase is paying the taxes, then they likely have a mortgage on it.  Check for a mtg in the prior/related owner name.  That also follows with why the "trustee" abandoned the asset, it was over encumbered.

Wesley Pittman · Answer

Rick H.

Thank you very much for the tip!

Hattie Dizmond · Answer

Tyler S. If the property was legally abandoned, then the bank likely already holds the title, so there is nothing to short on a sale.  The property would be with Chase's REO group.

There are still a lot of properties in FL in the REO backlog.  Chase in particular stalled about 90% of their foreclosure and REO liquidation efforts, until their final judgment/fine was levied earlier this year.

The fact that the property is in "rough" shape gives you a bit of leverage.  Find out what the $ amount of the code violations is and what the ongoing violations are costing.  Use that information as leverage, when you speak to the REO area for Chase.  You can actually Google Chase Bank REO and get a great deal of contact information.  If they do hold title to the property, your job is to convince them to sell the property to you and avoid future code violations.

Simon Campbell · Answer

I would think that the only option you would have would be to pay off the loan balance in exchange for the title on the house. You would most likely need some sort of agreement from the estate or work on getting quiet title.

Wayne Brooks · Answer

The only choice is a short sale.  Without cooperation from someone in authority regarding the estate, a short sale can't be done.  Chase is not considering a short sale at this time, because no one with authority has requested one or submitted the required paper work.

Tyler S. · Answer

@Simon, it is located in Florida, thus no redemption period since Florida is a Judicial state (or so I read online).

@Wayne, you are correct the property is still in the owners name and I see no evidence of a foreclosure or even a Lis Pendens recorded in public records.

Any suggestions on next steps?  Chase was very clear about the fact they they are not considering a short sale at this time and it appears it has been abandoned since 2010 or before.

How to acquire a property abandonded by the Estate's Trustee

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