Foreclosure Auction!?

Question:

My mothers homoe is to be auctioned off tomorrow, my sister is planning on buying the home which she has lived in basically rent free for the past 3.5years. And thinks she should just get the home. Well before she moved into the home the apprai. was for 140,000. I have that copy from the real estate agent that was trying to sell it at the time. They had to do a new apprais for the forclosure Auction and do to the damage and the look of the home now it is only at 70,000. My sister thinks she will get it for much less since it is at auction and is laughing thinking that me and the other siblings will have to help pay for the forcloser in the estate. my mother passed on Jan 2, 2007. Do me and my other siblings have any recourse that we can take against our one sister for the huge difference in the price of the home since it was her and her husband fault for the damage and the devaluation of the property!

Answer:
You would have to prove that the lower value of the property was caused by physical damage caused by your sister. Because you are one of the heirs of your mother's estate, you are one of the owners of the property now, along with your sister and other siblings (unless your mom left it to someone else). You'd probably have to provide at least before/after pictures, and you would only be awarded any money in the actual amount of the damage to the property -- your sister isn't responsible for fluctuations in real estate prices due to the real estate market.

If the house sells at sheriff sale for any amount over what is owed on loan, all of the siblings will split the proceeds from the sale. And generally, if you purchase a home at sheriff sale, you have to put down a certain percent of the sales price at the auction and pay the rest in cash or certified funds within a few days or a week. Can your sister come up with $70,000 all in a few days to buy the property? If not, she may not be able to purchase it at auction.

In terms of suing your sister and her husband, though, you'll probably want to consult with a real estate attorney for any damages that you may be entitled to.

Good luck.

ForeclosureFish
http://www.foreclosurefish.com/...

It is not called an auction for no reason if someone thinks the house is worth 140,000 it will go for that amount your sister is in for a rude awakening. I am sure she did the damage to the house to try and get the price down, SHe is not the first to do this and everyone knows it..Death brings out the best in people doesn't .Good luck sorry for your loss

Foreclosure Auction!?

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