I found a property that is obviously abandoned. After doing some research on the home I've found that the original deed is not assumable without VA approval. In 2011 an Order of Notice was given by the Land Court/ Trial Court Department from their bank to object to a foreclosure proceeding. There are no other recorded documents after this.
My question is, would it be worth pursuing this property? If so, what would be the best way in doing so. I don't want to add any stress to the current owners should the veteran be deployed but I also want to help them out since the condition of the home continues to deteriorate.
Thanks so much!
Are they on active duty? Did the objection give the Act as grounds?
Can you buy it, have cash?
(If you're running a non-profit I can see folks giving those "help them" comments, if you are in the business, you're doing it to make money, saying I'd like to make a win win situation is enough fluff IMO. I don't buy other people's problems just to help them, if that were the case, overpaying should really help the seller.) :)
Bill Gulley, General Real Estate Academy | https://generalrealestateacademy.com
I have no idea if they are on active duty as I haven't started digging too deep on this. The order was directed towards them & their attorney for the objection.
I was just hoping to find someone on here that has dealt with something like this before. I have access to the cash and want to purchase the property.
You are right, I am doing it to make money. Being a Veteran myself, if I can alleviate any headaches that they are dealing with then why not?
Do you still have your VA loan guarantee eligibility? If so, you may be able to assume the loan. It is worth a shot.
Contact the owner and tell them that you want to assume their loan, they might be motivated.
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