Hello:
Just a question, I have a buyer and he decided to do a short sale on his property. It was with another realtor but they didn't complete the SHORT SALE process, so I want to check if the property is in Foreclosure now since it's been in default for a long period of time.
Thanks for your feedback on this one....
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Donna, I am not an attorney.However, I have experience here. If this is an estate situation, you need to identify the person administrating the estate. The attorney will give you that info if there was a will, etc. It may not be the attorney. Get a 3rd party auth from the administrator, and submit with the court stamped or notarized document that gives the administrator, trustee, executor, etc. the power to take the estate through probate. You have a great advantage or disadvantage if you are not careful. In both the person that is legally bound to the mortgage is no longer around. If there is equity in the home there is value for the decedent's heirs to pursue.
Frankly, speaking, if there is no value, the administrator must decide on the course of action, especially if there is a chance for attachment of assets to satisfy the balance. I don't know the specifics of your state. Usually, when a property is under water during probate, the best course of action is usually to let it slip into foreclosure or do a DIL. If there is good equity value, this is not a short sale and you have options. Good luck!
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