conservatorship and house in foreclosure - Posted by Irwin(CA)


#1

Posted by Irwin on December 24, 1998 at 08:43:57:

Yes, the names can be confusing. We may be the last two Irwins on earth.
Anyway, dealing with the conservator is what you want at this point. If there is equity, and he is under pressure from a mortgage company to pay off the loan, this situation is ripe for an all cash offer. You might swing a heck of a deal.


#2

conservatorship and house in foreclosure - Posted by Irwin(CA)

Posted by Irwin(CA) on December 19, 1998 at 18:35:22:

I ran into a situation where the owner of a home in foreclosure is under State conservatorship due to age related medical problems.

Does anyone know the whether the owner can sell the home to me or do I have to deal with the state? If anyone knows of some reference material on this subject please post or e-mail me.

Every day a different challenge - that’s what makes this so interesting.

Thanks, in advance.

Irwin


#3

Re: conservatorship and house in foreclosure - Posted by Irwin

Posted by Irwin on December 21, 1998 at 20:17:06:

The answer might depend on what kind of infirmity the owner has. You have to review the conservator proceedings to find this out. He might be only under physical disability, and be perfectly capable of transacting business. But on the other hand it could be a mental impairment as well. You will probably want to have an attorney look it over before you act. At the very least, you should obtain title insurance for any such purchase.


#4

Re: conservatorship and house in foreclosure - Posted by Lee

Posted by Lee on December 19, 1998 at 21:23:40:

seek a realEestate atty’s advise. Lthen, run the title (aka check for leins and judgements). Ffigure out the ballance or look up the suite number, it will state the money due. check to see if the present owner had/has a co-owner or spouse, if co-owner or spouse is dead, check obits in the news paper. check for probate filings.

but first, run your comps. (check market value) and compare on a “worst case” basis.

let us know when you have all of the above done, then tell us details of what you have learned, we’ll go from there.

good luck and merry christmas

note: did you notice, no captitol letters… this compooter has a cold (I mean a virus)

hammer time?!


#5

Re: conservatorship and house in foreclosure - Posted by Irwin(CA)

Posted by Irwin(CA) on December 24, 1998 at 01:32:05:

Irwin,

Geez! it sounds like I’m talking to myself.

Anyhow, thanks for the suggestions. The attorney’s recommendation was simple and succinct. “You have to deal with the conservator”.

I’m not sure where this deal is going since the owner’s son hasn’t returned my phone calls lately - either he’s solved his problem, lost interest in trying to solve the problem, or he’s back in jail. Who knows, stay tuned.

Irwin