Trying to put a deal together and totally confused - HELP!
Hi,
I am a total rookie and new to real estate investing, any and all advice is greatly appreciated. I have been researching in areas I am looking to invest in and found house that is abandoned, in really bad shape, so I figured contact the owner and maybe they would sell it to me cheap and I can fix and resell. As I did more research on the property I found out it had belonged to two very elderly people who have both passed away. Next I tried to find children, I was able to locate one in another state and he is willing to sell me the property. He told me there are 3 siblings total including him, and he has no contact with or has any contact information what soever of the other 2 siblings. I am going to try to locate them, but here is my question, how does this work? Is this worth pursuing? Do all 3 siblings need to agree to sell me the property? Can I make a deal with this one sibling only? (also upon researching I found out there is a reverse mortgage on this property and it is in foreclosure too).
Again any information/advice is greatly appreciated.
Thank you,
IE