My brother's house has been foreclosed on
Hello,
My brother's house went up for auction and no one bid so it was sold to the bank for $100 (I'm assuming if someone bid then the bank would have raised the bid). My wife and I are interested in buying the property but we don't have the time to get the mortgage lined up by the time it needs to be (before they put it on the market).
I contacted the agent who will be representing the bank and he knew what kind/color of car I drove! He said they had the house under surveillance but then told me he was kidding. I figured he may have driving by while I was there. He also warned me not to take anything that belongs to the house or my brother will face legal issues. I told him I wouldn't although I have thought about removing the stainless steel appliances and replacing them with cheaper versions and selling to profit from the difference. I also want to take the custom kitchen cabinets and replace them with cheaper ones as well. Am I able to do that?
my other question is my wife has tried to contact the lawyers involved and the bank and they have said that they can't speak to her unless my brother sends a signed note saying that it is OK for them to talk to her. Am I wasting my time with trying to contact the bank to make a deal? Will we even be able to work out a deal with them rather than trying to go through the selling agent?
The selling agent told me that anyone related to my brother will have to pay what's owed. If someone who is not related to my brother offers less will the bank take it?
they plan to have the house appraised and then put it on the market starting at the appraised value. Will I be able to offer less then even though I am related to my brother? Is apprased value usually much less then a normal asking price?
any and all information is greatly appreciated.
Thanks!