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/u/Routine_Order_7813
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A few years ago my father passed away without a will. House went into probate and my mother continued to live there. At some point she just quit paying on the mortgage.
It would take 70k to bring the mortgage current. That said it would still be under probate and would still be used to settle the estate. The court has given permission to sell the house at 90% of appraisal.
We were interested in buying it with a gift of equity from my mother but because of the probate that won't be an option( I think?). The probate attorney suggested we let it go to auction and bid there.
This would be the cheapest option. I know the condition of the house and it needs no major work. I also know the title is clean so a lot of the risks are mitigated. What are the pros and cons of going this route? Would I be able to finance it still? In over my head a bit. Any advice appreciated.
submitted by /u/Routine_Order_7813
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Buying my father's house at sheriff auction.
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It would take 70k to bring the mortgage current. That said it would still be under probate and would still be used to settle the estate. The court has given permission to sell the house at 90% of appraisal.
We were interested in buying it with a gift of equity from my mother but because of the probate that won't be an option( I think?). The probate attorney suggested we let it go to auction and bid there.
This would be the cheapest option. I know the condition of the house and it needs no major work. I also know the title is clean so a lot of the risks are mitigated. What are the pros and cons of going this route? Would I be able to finance it still? In over my head a bit. Any advice appreciated.
submitted by /u/Routine_Order_7813
[link] [comments]
Buying my father's house at sheriff auction.
Continue reading...