Quote:
Originally Posted by look 171
Uncle's and JOhn's name are both on the deed. the judge had given the Uncle the right to sell the home to recoup his money even if John refuses. Uncle was able to proof to the court that John has no job, no income for the past 10 years, and he is unable to pay the monthly mortgage and utilities. The bank will foreclose on the house and auction it off at what's owe to the bank. Much, much lower then what it will sell for. Uncle will not recoup his money if foreclose upon. Ever. I am not sure how will the court deal with the actual cost of the property. More then a few major issues must be repair for the home to be inhabitable. Especially the back house where John stays. Real estate agent suggest it must be sold at below market value due to its current condition.
What does it matter how I come to find out about the sale according to your quote? I pay the same asking price as the next guy.
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if this is all so wrapped up in a nice package with a bow, why hasn't the uncle legally removed the nephews name from the deed?
listing the house, MLS, all that jazz is inconsequential till it comes time to transfer title
BTW, you paying cash for this? Because no bank on the planet I know of is going to write a mortgage unless either 1. both sellers sign off or 2. nephew is removed from the title.
how good of a deal could this possibly be if it's so convoluted? is it worth all the extra time and cost you're likely to put in?