Hey Everyone -
I'm looking for your thoughts on the best way to approach a neighbor's home that is most likely pending foreclosure. The man that occupied the home passed away a few months back and it's my understanding that his family is going to allow it to default and/or most likely already has. In this situation, should I attempt to contact the family to work with them on trying to make a deal of some kind, or should I wait for the property to be foreclosed on and then try to buy it? It might be difficult to track the family down as the man was divorced and I'm not sure which family member is currently in control of the property, although I'm sure all that information is available online somewhere. Perhaps I should leave a note on the door or mail a letter to the property and hope that it's being forwarded properly?
Any thoughts are appreciated.
Steve, Probate Law varies State to State somewhat. But, one thing is constant, you are gonna have to work with the next of kind or wait for the Bank to put the Property on the market as a REO
With defaulted properties, you have three opportunities to buy:
- Working directly with the borrower (pre-foreclosure)
- At auction (Trustee Sale)
- REO (public listing)
Depending on the situation the best deal may happen at any of these stages, so you should pursue them all.
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