ca foreclosure "i want the family home" (appraisal, auction, foreclosed)

[whatelse77]

i live on a property that's been foreclosed
it been in my family for 30 years
recently we found out payments hadn't been made
and that the property was in my uncle inlaws name
he moved out of state and no one would talk to us
about the property . a few days ago it went on auction
and the bank took high bid so now that its in the banks control
they want us to leave .no one has approached us to offer cash for keys
but we were informed that it was in the works.
so would the bank take an offer for the full value of
the old mortgage for property and if so when
would be the best time and who would i contact

[Fighter 1]

Originally Posted by whatelse77

i live on a property that's been foreclosed
it been in my family for 30 years
recently we found out payments hadn't been made
and that the property was in my uncle inlaws name
he moved out of state and no one would talk to us
about the property . a few days ago it went on auction
and the bank took high bid so now that its in the banks control
they want us to leave .no one has approached us to offer cash for keys
but we were informed that it was in the works.
so would the bank take an offer for the full value of
the old mortgage for property and if so when
would be the best time and who would i contact

If you want to pay the full amount owed then call the bank and go talk with them I would think they would be happy to get the cash but don't expect them to take a mortgage on the property.

[Bill Keegan]

Originally Posted by whatelse77

i live on a property that's been foreclosed
it been in my family for 30 years
recently we found out payments hadn't been made
and that the property was in my uncle inlaws name
he moved out of state and no one would talk to us
about the property . a few days ago it went on auction
and the bank took high bid so now that its in the banks control
they want us to leave .no one has approached us to offer cash for keys
but we were informed that it was in the works.
so would the bank take an offer for the full value of
the old mortgage for property and if so when
would be the best time and who would i contact

First of all, you realize that "cash for keys" is not something the bank has to do, right? It's usually done as a hedge against someone destroying the house before they vacate it.
The bank may be happy to take your offer to satisfy the old mortgage loan. But there are a lot of variables that will play into that deision. Most important, what is the house worth in todays market, and how does that compare to the old loan amount? If the defaulted loan amount was $500, and the house is worth $500, or even $550, they might be happy to just get rid of the property, satisfy the debt and move on. If, however, the property is worth $750 today, they would be financially irresponsible to sell it to you for that $500.
But here's the thing; you never know until you ask. So do a little homework as to the actual market value of the house, and then get in touch with the new owner (which is the bank) and see what they want for the house.

[middle-aged mom]

I am thinking that the property is upside down, meaning your uncle owed more on it, than it is currently worth.

Unless you are a cash buyer, your lender is going to require an appraisal as one of the many conditions of giving you a loan. The property has to appraise for what you are paying.

A local real estate agent, familiar with the area and foreclosed property could help you determine a probable market value for the place and negotiate on your behalf, after you are pre-approved for a mortgage.