Tax lien holder, bank, and owner do not want property
Greetings BP Fam,
Need your advice/recommendation on how I can go about acquiring this property. Here are the details. If you need more information to make a recommendation please let me know. If I can make this thing work I am pretty sure it will be a deal.
House has been foreclosed on through tax sale. Tax lien holder hasn't recorded deed because she overbid at auction (my guess, she just said she wasn't interested in property anymore)
Owner doesn't want anything to do with property. Inherited property from parents, siblings are not helping take care of property, beneficiary lives in Georgia.
Small mortgage against property. Obviously bank wasn't interested if they let it go through tax sale foreclosure.
Here's my idea of how to acquire property....Wait until tax lien expires which will be in May 2016...Contact bank to see about short sale or subject to...
I am assuming here that mortgage will retake it's 1st place position after tax lien expires. Or does local jurisdiction then become owner of property. If that's the case I can then buy OTC. Should I have owner conduct negotiations with bank or should I do it? What if bank is no longer in business, then what? Again, assigning tax lien certificate is out of the question because holder bid too much.
Looking forward to the community's solutions!!
E. Harris