Weird Real Estate Question

[Hondo]

An unimproved 10-acre lot next to our property has evidently been repossessed by the Texas Veterans Land Board – a sign has been posted stating that it will be for sale in October. I called the Land Board, to verify that the lot had indeed been repossessed, but received only a standard phrase (“We have no specific information. The list of properties will be published in September…�). I then contacted a realtor, who checked with a local (the appraisal office?) authority, and was told that yes, the property had been taken over by the Veterans Land Board. So my question is, if a property has been repossessed, is there any way of buying it, through the original purchaser, so that she is able to pay off her back debt and can walk away with some money? Evidently she’s been going through hard times and hasn’t been able to make payments for quite some time. I’ve seen her only twice since we bought our property, and not in the past three years, but she seems very nice, and we wouldn’t mind helping her out, if possible. Or should we just count on bidding when the auction begins? The long and short of it is, of course, that we want the lot.

[twstanley]

A lot of time when a piece of real estate is foreclosed on, nothing can be done while the process grinds forward. I don't know if the organization who you mentioned was the mortgage holder, or the co signor or what...you might try and get the owners name and mailing address via the tax records, try contacting them directly with your offer to help ( by buying directly from her, she might be able to stop the proceedings with enough money to pay the back mortgage and any legal fees if there are any and she may even be able to walk away with some cash as you mentioned ).

[chadincolo]

If the process is started, sometimes you can get the forecloser to stop the process if the borrower pays what is owed and penalties...(getting the money from a sale works)...If it has been foreclosed on, it's the property of the forecloser. Every bank/entity has rules about dealing with foreclosure, so if they say "We have no specific information. The list of properties will be published in September…We have no specific information. The list of properties will be published in September…" I would guess their rules say it will be for sale in October (or whatever date they set) and not before.

[Michael]

Normally, once the property has been advertised, the process cannot be stopped, due to the appearance of favoritism toward one buyer over another (I bought my property at a foreclosure sale and was told this by the bank ).Maybe you could get it as the high bidder and relieve the owner of the burden of the gap between sale price and mortgage amount. Good luck.

[Stimw]

I would ask as many questions and make as many phone calls/visits as I could to find out what you can. I have more than once shortcut sale processes and ended up with what I wanted. At times you even make contacts that help your position.
My favorite Quote- "I love it when a plan comes together!" from Hanabal Smith, ( The "A" Team) [img]/forums/images/icons/grin.gif[/img]

[cowboyjg]

Finding out as much as you can is good. Typically though, the only party that has any oopportunity to do anything is the borrower. That person selling the land to you as the solution can be the end result but they need to take care of thier obligation to the borrower first as they now have no rights to the property. You need to find the lady, talk to her, if she's willing to participate get an attorney, she may need one too, then you have to find out what her options are relative to the conditions of her mortgage. Meanwhile plan B is to buy at auction so be prepared for that too.

[Hondo]

Well, we've had no luck contacting the owner, so it looks like the auction is our best option. Might not be too bad. Shoot, I wouldn't want to be my neighbor. [img]/forums/images/icons/smile.gif[/img]

[Richard]

</font><blockquote><font class="small">In reply to:</font><hr />
I wouldn't want to be my neighbor

[/ QUOTE ]

Am I the only one that saw the irony in that comment as you buy the land next to yourself?

[img]/forums/images/icons/grin.gif[/img]

[Pat]

Trust me, you could have much worse neighbors than yourelves! I have regretted for 7 years not buying a 1 acre parcel than my 160 acres MOL surrounds on three sides as it was purchased from a neighbor from he--. For the benefit of those who recall my ongoing struggle with these neighbors (chronicled here and on TBN) that went on for 6+ years. It is mostly over now.

The ex cop, sociepathic, wierdo took one of his many many guns, placed it to his temple and blew his brains out a couple weeks ago. The neighborhood has been considerably quieter and calmer since then and the community breathed a collective sigh of relief. I missed my bet as I was pretty convinced he would shoot his wife and then himself as is the norm for wife abusers.

[img]/forums/images/icons/smile.gif[/img] Pat [img]/forums/images/icons/smile.gif[/img]

[NorthTexas]

Hondo, did you find the answers to your questions ? In the last few years I have bought two different tracts of land from the Texas Veterans Land Board. It's a great Texas program for vets and the last thing they want to do is have to take it back and resell. If they know the owner is working to get a buyer they will work with her up to the last minute. Have you been able to speak with her yet ? I can give you more info if you're going to proceed.