Home Buying in Antioch>Question Details

v.byers, Home Buyer in Antioch, CA

a parent dies,no will. bank takes home, it goes up for aution can a child or grandchild bid and buy there home.

Asked by v.byers, Antioch, CA Thu Jun 14, 2012

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3
Ron Thomas’ answer
The Arms-Length rule applies to Shortsales;
The idea is that a relative cannot profit from the Banks' supposed loss.

At the Trustee Sale, anyone can make a bid and buy the house; I have never heard of any exclusions.
Now, for the bad news;
To buy at the Trustee Sale you will need CASH, only CASH! I think, if you put up a bunch of cash deposit, they will give you 24 hours to get the rest, (but do not bet on this.)
Also, very few houses are sold to individuals via the Trustee Sale; usually, the Bank will make an offer equal to the amount of the outstanding loan; meaning, way more than it is worth.

You might be better off waiting for the Foreclosure and Listing.

Good luck and may God bless
1 vote Thank Flag Link Thu Jun 14, 2012
Thank you very much for the informaton, My Mother was going to add me to the deed on the house but due to some unforeseen medical issues that came up. she never made it over to the courts. i had spoken with the mortage company shortly after she passed, and they were willing to let me assume the loan, but neither of my 2 brothers were willing to release there interest in an upside down mortage. makes no sence to me. the stood to gain nothing.i was not willing to continue making payments on a home that tey could at anytime force me to sell or buy them out of. i will go to the sale just to see what happens. thank you again for your help.
Flag Thu Jun 14, 2012
No reason why not. Providing the bank has taken back the home legitimately and there are no probate-related factors that could call that into question, the bank will see the child or grandchild's money as good as anybody elses.

Notwithstanding all this, I would advise running it by an attorney to be on the safe side. And as Ron says, you WILL need cash. Cashier's checks in practice. The bank won't wait for you to get money wired.

Bernard Gibbons

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Bernard Gibbons, J. Rockcliff Realtors
DRE License # 01331583
Phone (925) 997-1585 - bernard@bernardgibbons.com


http://www.BernardGibbons.com
0 votes Thank Flag Link Thu Jun 14, 2012
Please immediately call an attorney for advice. Your parent died "intestate" (no will) and the estate (including real property) should have been probated through the courts. The best and only advice I can give you is PLEASE call an attorney NOW.

I sincerely wish you all the best in this difficult time.

Marston Myers - Broker
0 votes Thank Flag Link Thu Jun 14, 2012
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