I'm new to real estate investing and am looking for some advice on the subject. The owner of the home next door to ours passed away about a year ago and had no estate from what I can tell. The house has been vacant since and the loan is in default as of this time last year. The family does not appear to be involved at all, as I've tried reaching out to several relatives with no response. The bank only recently began the foreclosure process, posting a Preliminary Loss Mitigation Affidavit just last month. Is there a feasible way to purchase this property before it goes to auction? Any insight would be much appreciated.
Someone has to have the legal authority to sell, in order for you to buy. An heir will have to open probate likely...actually track them down and talk to them. If there is no equity, no benefit to the heirs, then no motivation for them.
Thanks Wayne. There are no heirs to the best of my knowledge and there appears to have been a falling out among the late owner and existing relatives. None of them have assumed responsibility for the property and all attempts to reach them have failed. Essentially it's just sitting there waiting to be foreclosed on. I do have the information for the lender and substitute trustees, but it's my understanding that neither have authority to sell at this point in the process. Do you have any experience with other avenues of obtaining ownership, such as tax sales?