owner just passed away how do I buy it ????

7 Replies

so my neighbor recently passed away, no family here other then 2 cousins who live out west. My questions is how do I go about trying to buy this property, from what my agent was able to find, is currently the mortgage is with citi bank and 122k is owed on it. The homes in the area are going for 455k to 480k and moving fast. I'm trying to find the cousins out west, can I reach out to the bank ? it needs about 100k in rehab, and the property is loaded with garbage she was a hoarder. she was in foreclosure back in 13 but settled the debt and brought it current, back taxes are owed looking into the amount now. what options do I have, I wanna nab it off the market as there is alot of investors in my county.

@Michael Gessner I don't know if the bank takes owner ship or it was left to the cousins. But I would do exactly that! I would try to contact the family first so you don't step on any toes. But I would try and see if you can catch the deal before it hits the market and maybe you can help those cousins in the west by taking it off their hands right now. We just kind of did a similar thing with two of our neighbors in the past few months. That's what wee did we reached out to the family.

Great thank you, I don't know tho how successful we will be at reaching them through my father's friend here, if I'm not is there a way to find out who they are ?. I know the friend here reached out to them, they were very short with "were taking care of It" that's all they said.

@Michael Gessner

In addition to tracking down the cousins, I would mail out a letter to the house (someone's taking their mail I'm assuming) expressing your condolences along with an offer to purchase the asset.  In that letter also mention you live next door.

The bank had no right to sell, they don’t own it.

Likely will sit there until foreclosed on unless if the property was in  a trust and someone takes action or if a heir opens up probate and takes appropriate action. 

I'd look to see if there has been any legal actions done, from there I'd connect with the law firm.

Approaching the family through the law firm just feels better than calling relatives and saying "hey, my condolences, can I buy the house?". If there's two cousins--any time there's more than one person--most would rather split the asset and cash is always easier to split.

Your county should have a statistics & viaticals department. Request a copy of the death certificate. Whomever filled out and filed the document (sibling, best friend, etc.,) will be your first point of contact.

Then send off your intro/offer letter @Michael Gessner

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