Am I Bidding On Anything Worthwhile?
Hello,
I am presently concidering bidding on a double-wide modular on a large lot .....BUT.... I have found the following complications via research at the recorder's office:
1)Property was held in joint tenancy between FRED and MIKE(each had 50% interest).
2)FRED died 2 years ago.
3)MIKE verified(filed) affidavit of death for FRED
4)MIKE quitclaimed deed to BOB
5)Bank is forclosing on FRED's (who is dead) property(I do not know if bank knows hes dead)
6)Do not know who lives there now
I am trying to figure out if I would be buying 50% or 100% interest if I won the bidding process or if the interest is already gone due to FRED's death or due to the quitclaim to BOB. Also, if it is the 50 %interest that I am buying, is this a good idea?? Who actually owns the house now and is responcible for payments?
Thanks for your help!
stocknre
Keep in mind the difference between "Tenancy in Common" and "Joint Tenancy with Right of Survivorship". If your case is JTWROS, then Bob is the owner, subject to. If it is TIC, then Fred's estate owns his interest.
Get a title search and pass the responsibility for figuring this all out to someone else.
Thanks for the info!
stocknre