The owner of the house next to us passed away, we want to buy the house. There are no heirs. The owner has lived there since it was built about 40 years ago. There is a mortgage on the house, I do not know the amount, most likely $100k'ish. There is also a Medicaid "lien" on the house. The lien balance is much much higher then the value of the house. The estate will go through probate, as told by a sibling and will go through Medicaid recovery. The house is worth roughly $500k which isn't a lot around here.
So what do I need to do? Anything? I'm assuming this will go through foreclosure, in which it gets auctioned off? or is it listed on MLS? Typical timeframe? 6 months, a year? I don't want this to slip by so want to make sure I'm prepared in advance. I'm assuming I will need cash at hand if it goes through auction?
Thank you in advance.
So what do I need to do? Anything? I'm assuming this will go through foreclosure, in which it gets auctioned off? or is it listed on MLS? Typical timeframe? 6 months, a year? I don't want this to slip by so want to make sure I'm prepared in advance. I'm assuming I will need cash at hand if it goes through auction?
Thank you in advance.
Statistics: Posted by mark_in_denver — Fri Apr 26, 2024 5:46 pm — Replies 2 — Views 147