Help!
3/2, built in 1943. 2181 sq. ft. 2004 Tax Appraisal is 118,700. Sales Price in 1998 was 95,000. Owner has deceased and property is going to auction in less than 2 weeks. GMAC residential holds the note, have not done title search to see about other liens. With investment, Property has potential to become a duplex or triplex possibly go S8. Children moved to Europe per the mailman. If the property goes to auction and no one bids it then becomes the lenders correct? If so, all other liens (except taxes?) would be null and void, correct? Once the lenders, how low of an offer will they accept? If it was a govt. backed loan it will go HUD right? If not, the lender will list it with an agent? Any possibility of the lender accepting an offer lower than what was left on the original mortgage if it becomes theirs after auction?
Thks,
Brad
Everything that happens after the auction depends on the condition of the property. I am placing a bid today that is under listed price by $6K. I first looked at the property on07/04/2004. The price has been lowered twice already.
Lori
[addsig]