Greetings bigger pockets community!
Two of my wife’s aunts have been living in her grandparents home for over two years since her grandparents passed.
The home has her dad and his siblings listed as heirs to the property (8 total). The property is now in pre-foreclosure due to failure to pay the mortgage.
My father in law does not want to communicate with his siblings due to their estranged relationship.
My wife and I are the only family members with enough income to purchase the property in Pasadena; and it seems like a potential investment opportunity.
We plan on calling the bank Monday to ask some questions.
Our reason for posting is that we are trying to figure out:
Is this a pre-foreclosure opportunity that we can invest in?
Where/who do we start discussing this with and what are the important talking points?
Do we need to discuss with all of my in-laws who were listed as heirs?
Any information would be greatly appreciated. Thank you for your time!
Originally posted by @Christopher Rugile :
You will need to get everyone who legally owns the property on board to sell the home if they are all equal owners of the property. If there was a trust established, sometimes there is a decision maker for the estate. If there was not, then when they passed there would have been a probate hearing to determine who the owners would be. I would figure out exactly who the decision makers are first, and then from there I would explain they can either lose the property entirely, or sell it to you and make $XX,XXX. for most reasonable people making something vs nothing make sense, but obviously relationships and emotions can determine how that goes.
@Christopher Rugile is there an executor of the estate? Do you know when the auction date is?