Who owns it?

Question

I've been looking into a property recently that has been "abandoned" for just over a year. The owner died and all of his relatives live a few states away with few if any local friends.

There is a real estate sign but upon calling the agent and the company it seems they've no long been selling the property for over a year, they said it was dropped.

The neighbors say the bank owns it but after check with the bank  (Wells Fargo) the bank couldn't find any records.

According to the tax accessors office the property is still in the deceased's name, taxes are still being paid sent to that very address and the property still has the same tax exemptions on it.

To top it all off it turns out that Wells Fargo has been mowing the grass

I have spent the better half of a month trying to figure this out, even looked up the man's obituary to make sure he was actually dead and several home listings for the area and foreclosure lists all turn up empty.

Anywhere else I can go; or should I attempt to find out if mail is forwarding somewhere at this point?

Wayne Brooks · Answer

You've answered your own question.  The estate of the deceased owns it.  Now, getting an heir or an executor to the point where they have the authority to sell it is a different matter.  Likely, the property is underwater, so there is no incentive for the heirs to do anything.  Eventually, the bank will foreclose, or it'll go to a tax sale.  Classic "zombie" property, in limbo and likely nothing you can do.

Wayne Brooks · Answer

@Sarah Johns You're looking for love (information) in all the wrong places.  You need to look at your county clerk of court/recorder, whatever they call it there, where deeds, mortgages and liens are recorded.  It's likely online.  You'll see the mortgage filing, and likely a foreclosure filing.  Neighbors can be helpful, but they're also full of misinformation and speculation.

Ibrahim Hughes · Answer

My guesses are that:

(1) It's owned by the estate but under water with a wells fargo lien on it. (in this case WF is maintaining an asset they're foreclosing on - but don't yet own - because the law typically allows them to protect their asset during foreclosure.

OR

(2) The bank actually owns the property.  County and Bank records may NOT yet be updated in this case.

The only way I've gotten to the bottom of these is to run my own lien/title search and see if county recorder's records has anything indicating that title has changed hands.

Rick H. · Answer

@Wayne Brooks I wonder if Zillow provides Zestimates for Zombies?

The decedent's estate consists of creditors, secured and unsecured as well as equitable claimants such as heirs (or beneficiaries under a valid will, if any).

Of course there likely is no equity above and beyond the Wells Fargo loan, so it merely become an abandoned asset pending Wells ultimate decision to force liquidation of the collateral, which is all foreclosure really is.

Alternatively, they may sell the loan in a pool of other loans and be done with it, especially if insured.

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Who owns it?

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