A house in my neighborhood (South Alabama) has been "abandoned". The owner tried to sell, but discovered massive cracks in the slab and has been unable to sell. No one has been to the house in months, not her, realtors, no one. I assume she's floating the notes on 2 places as she moved to Mississippi a year ago. According to my research into her mortgages, she probably owes around 100k on this place and the estimates to fix the problems were (I hear) around 30k+.
So, if she gets foreclosed on, what would a lender do with that property afterward? Obviously, try to sell it on the courthouse steps, but wouldn't the cracked slab put the kibosh on that by scaring away any buyers? Put the money into it to fix it up? Or just take whatever they could get for it?
2007-10-03 18:07:25 · 3 answers · asked by silentbobsdad 1 in Business & Finance ➔ Renting & Real Estate
The bank most likely won't fix it. They will just try to get what they can for it.
All of this will take time and your next door eye sore will be around for a while.
If they can't sell it at all (needing $30k in repairs on a $100k place means they will be able to sell it eventually) they will stop paying property taxes on it and the city/county/town will possess it for back taxes and either auction it off or demolish it.
Foreclosure sales are as-is, usually with no inspection. Let the buyer beware (caveat emptor).
Good luck!
2007-10-04 04:14:37 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
They will probably just take what they can get, if the cost of making the necessary repairs exceeds the expected resale price. If it was next door, I would suggest making a lowball offer, have the house demolished and removed and either reselling the lot or ending up with a nice big yard.
2007-10-03 18:43:30 · answer #2 · answered by sbyldy 5 · 0⤊ 0⤋
i think they do stay till the day that the domicile is going up for public sale, if that's what finally ends up occurring. If the steadiness they owe on the interior maximum loan is decrease than the linked fee the economic employer (or own loan business enterprise) gets upon promoting the domicile, the economic employer can enter what's called a "deficiency judgment" against the "proprietor" meaning that they nevertheless owe the version. in the event that they very own yet another domicile, the economic employer can positioned a lien on that components to make up for it. in the event that they don't very own the the remainder of fee, the economic employer is probable to forgive the the remainder of the debt (watching the quantity, for sure).
2016-10-20 23:55:59 · answer #3 · answered by marolf 4 · 0⤊ 0⤋