I found an abandoned property that was owned by a person that had multiple homes. He went through bankruptcy in 2007, The house has a 78k mortgage on it, 1500 in back taxes and their are three other judgements against this guy for about $36 grand.
I was unable to determine if those other judgements were against this property or one of the other 13 properties he had.
I forgot to get a copy of the deed but did get a copy of the mortgage. I have also contacted the sherrif that is in charge of the tax sales to find out more information from him.
I seem to have hit a dead end. It is a nice property and I might even be able to get a buyer for it if I can figure out how to aquire it with little money.
Tony Barnes - Barnes Investment Properties
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Has the bank foreclosed on the property? If so, you contact bank prior it making to auction. You would need to pay the back taxes but you could work as part of money back at closing. If the home can easily be sold for more than balance of mortgage less back taxes the bank is quite like to pay the taxes to not lose interest in the property to the state.
I am not an expert on this, but if the bank foreclosed the owner no longer as any interest in the property so judgments against the home would likely be null. Even if not, the bank is the first debtor on the home, and since the most you would really pay for the house is $78k to the bank, there would be no money left over to satisfy any subsequent debtors.
However, let's say the house is worth $300,000... I believe if there is a judgment against the house - the person(s) might be able to pay of the first debtor (bank) for the right to the remaining equity. Someone can probably clarify on how this works.
What would help is if you told us what the FMV is on the house, or just give us Zillow's estimate.
The house is probably worth about 60k ARV. It needs to be rehabbed, probably about 20k worth of work.
It was up for sherrif sale April 23, 2008 could not find the results of that sale (maybe canceled) I did find a document in the record that said their was an order vacating judgement on Jun 25, 2008. This was the latest document I found in the court records.
Tony Barnes - Barnes Investment Properties
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Tax records show The same name for owner and tax mailing addresses where it usually says the name if there is a bank involved. I am asuming this is because he probably didn't have the taxes in escrow so the bank didn't pay them.
Tony Barnes - Barnes Investment Properties
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Zillow ranges the property from 60k to 83k with 73k being the zestimate.
Tony Barnes - Barnes Investment Properties
http://blog.barnesip.com
http://www.barnesip.com
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http://www.deangraziosi.com/real-estate-forums/investing-journals/20720/...