Hi helpers,
i have a dilemma.. my parents' immediate neighbours house has been repossessed as the landlord had failed to repay mortgage payment to the lender. the current occupiers were renting the house, but they have been chucked out as the bailiffs have locked the house. the normal procedure is that the house will go up for auction, but i ideally want to purchase it before it does- so that i can live next door to parents - free childcare etc(!). how can i find out who the mortgage lender is? do parents have first refusal - being the neighbour? the landlord had given the house to the local council to rent out to DSS people etc. what do i need to do, as i know if another property developer type person takes over (like the last one), the house will be in disrepair as its not really taken care of... PLEASE HELP!
2007-03-11 00:50:14 · 3 answers · asked by wuman22 3 in Business & Finance ➔ Renting & Real Estate
being the neighbour (immediate n'bour)do we have right of first refusal??? i heard that neighbours did...
2007-03-13 02:11:02 · update #1
kirk- in your answer- what do you mean by 'court house'? magistrates?...
2007-03-17 22:59:24 · update #2
No, neighbors don't have a right of first refusal.
2007-03-15 17:29:27 · answer #1 · answered by SndChaser 5 · 0⤊ 0⤋
before the foreclosure sale takes place, go to the courthouse, they have everything you will need to know about all the real estate in that particular months foreclosure sale! its a mater of public record! find out who owns it, go to them, tell them if they can not prevent the foreclosure, then you want them to sale the house to you (about 2 to 3 days before auction) at a reduced price (normally 30% off appraisal price) (put money in their pocket too if you are a christian)! then after the buy-out, you made a good purchase with alot of room for profit and they still have their previous credit with no, and otherwise would have been, a foreclosure on it with hopefully some money from you for a down payment on another house! before you actually give any money to anybody, do a diligent lean search and make sure there are no 2nd or 3rd liens on the property besides the existing mortgage company!
2007-03-18 05:35:05 · answer #2 · answered by kjesko 2 · 0⤊ 0⤋
Go to the courthouse or wherever real property records are maintained and ask to see the record for that piece of property, it will list any and all interests in the property. You can then contact those folks and make an offer or offers to satisfy them. Why are you trying to avoid an auction? You aren't likely to save any money.
2007-03-17 02:26:32 · answer #3 · answered by Scott K 7 · 0⤊ 0⤋