owner of record deceased - now what?

looking for suggestions.

I am working with a buyer who would like to purchase a property.

  • There is one mortgage held by wells.  mortgage approximately $150,000
  • property value 125,000 after repairs
  • 48,000 repairs needed
  • owner of record passed away last year
  • no equity in house and no money in estate
  • estate had previously offered wells deed in lieu which they did not accept at time

I submitted an offer to purchase note through banks attorney which was received and forwarded but then forgotten.  No response and attorney not providing any further assistance.

I just got loan number and ss number of deceased and will attempt contact with Wells.

Any recommendations on which department to start with and best method to purchase.  Does anyone have a contact number at wells that might understand this particular situation?  I do not believe either short sale ort reo department will be able to assist.  Bank has not yet taken possession and as far as I know there is no sale date scheduled.  Property is in New York so things here move very slowly through court system.

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Replies to This Discussion

Permalink Reply by Bryant Tutas on March 11, 2014 at 2:29am

you need to be dealing with the owner of the property first. WF can't do any thing until they have ownership. If he is deceased then you need to find out Someone must be handing the deceased's affairs. If he died intestate then the property may need to go through probate. This is a legal issue first as owner ship has to be sorted out..

Seek legal advice form a NY attorney.

Permalink Reply by Bart Bergbom on March 12, 2014 at 7:10am

thanks for response.

I am in contact with daughter of deceased.  She wants nothing to do with the property.  She is cooperating and will do what is necessary to have bank stop calling her.  She is hopefull and waiting for bank to foreclose so it will be behind her.  Due to fact that bank hasnt taken possesion i was hopefull to purchase note and then get deed in lieu from estate.  will bank entertain short sale without a seller?

Permalink Reply by joe beauchamp on March 11, 2014 at 5:43am

WF is not your friend. The longer this takes, the more money they get monthly from the investor. Keep that in mind.

Whoever offered the deed in lieu has the control of the estate and is the current "owner". Those are the documents you need to send to WF for the short sale. They need the death cert, estate power docs, 3rd party auth for you, etc.

Status of mortgage, note and ownership has to be clear and in play. This sounds like a simple one, not sold w/o removing the mortgage, etc. Once the control is established, things will pretty much go as they usually do with a WF short sale - welcome to hell..

Finding the investor is usually very important. FHA has different rules from FNMA, etc. WF supposedly works for the investor, they don't make the rules except when they stretch beyond their authority - which can be often and you need to fight the important ones (if they insist on pink ink, then just color it pink for them. You'll have enough big issues to fight w/o the nitty ones).

Permalink Reply by Bart Bergbom on March 12, 2014 at 7:14am

attorney for deceased has told daughter that she has no obligation to property.  No equity and property not willed to her in name.  no other heirs.

attorney for estate offered deed in lieu, but wells didnt take it.  Who would be seller?

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