Real Estate

[JeniPalm]

There are three main ways to buy foreclosed properties. The first is to purchase the home while it is in the pre-foreclosure stage. This is generally considered the best deal, as the homeowner is spared the foreclosure and the parties involved (the investor, the bank, and the owner) agree on a price. Making a low offer here is key, and banks will often accept low offers to avoid foreclosure. This method represents a way to buy cheap, and with some elbow grease or smart repairs, get some instant equity

[magma]

my son passed away in feb., without a will,never married, no children. his brothers and myself have not made his house payments pending notification if he had credit life insurance, just found out today(long story)that he did not. however, we have received notice from the bank's attorney that the house is in default and will be sold at auction aug 5. the father and i are the heirs,(this is Texas law) but the father refuses to cooperate, he actually had not made contact with his sons since 1991 and refuses now, also. since we now must make up back payments to keep house, we are thinking just let the bank have it. but will we be in trouble on down the line. we don't know at this point what the father is going to do or not do or what the court will do, if we have to go that route. we were not going thru probate, just small estate. didn;t think it was necessary. we only need approval to settle house, vehile, and bank account and do what is necessary with those. when i spoke to the bank they informed me they could do what ever they wanted to, even if estate is in probate, they could still foreclose??

[ottootto]

for any type of furthur information about Real Estate u can go with the link

all the best for future

[youbetcha1018]

I'm sorry to hear your situation magma. Maybe, this could help you identify if your son's house is foreclosed.

1) Removing the right, title and interest of the owner of a property or asset, usually due to a default of due payments.

2) Termination of rights in a mortgage by taking and selling the property to pay the debt.

3) To repossess a mortgaged property whose owner has failed to make the necessary payments; to prevent from doing something