Real estate scam

[Joe Oregon]

I have a wife with two sisters who recently inherited propety in Oregon. The middle aged sister had the two others sign off the house so she could get a loan to fix it up. She borrowed $17,000, but I don't think it is going to sell for $45,000 or more, the way she and her possibly crooked realtor think. I saw the place. It is the ugliest house on the block and should be torn down! The land is worth about $17,000 and I now think she took the loan to get her profits immediately out of the house and had the sisters sign off so she won't have to pay them anything. The house was paid off until this loan, so it is once again collateral for the loan. She could let the dump go back to the bank, and she is scott free with the $17k. My question is-how to proceed with possible methods of recovering possible proceeds? Did we lose our rights by signing off, even though my wife has a letter saying the two sisters would be put back on as owners of the house once the repairs are done? The house has no foundation, needs a roof, and looks like a crack house! I have bought two houses in the last four years and have some common sense about property values. I had a third party realtor look at it and she agrees with me. What can we do?
Joe Oregon

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Joe Oregon:
I have a wife with two sisters who recently inherited propety in Oregon. The middle aged sister had the two others sign off the house so she could get a loan to fix it up. She borrowed $17,000, but I don't think it is going to sell for $45,000 or more, the way she and her possibly crooked realtor think. I saw the place. It is the ugliest house on the block and should be torn down! The land is worth about $17,000 and I now think she took the loan to get her profits immediately out of the house and had the sisters sign off so she won't have to pay them anything. The house was paid off until this loan, so it is once again collateral for the loan. She could let the dump go back to the bank, and she is scott free with the $17k. My question is-how to proceed with possible methods of recovering possible proceeds? Did we lose our rights by signing off, even though my wife has a letter saying the two sisters would be put back on as owners of the house once the repairs are done? The house has no foundation, needs a roof, and looks like a crack house! I have bought two houses in the last four years and have some common sense about property values. I had a third party realtor look at it and she agrees with me. What can we do?
Joe Oregon<HR></BLOCKQUOTE>

You need to hire a real estate attorney in Oregon. The two sisters currently have no legal interest in the property but have an equitable interest which can be proven via the letter from the wicked sister. Your wifes' attorney needs to file for a partition sale ASAP so the proceeds from the sale can be divided among the three siblings. A neutral third party Realtor needs to be approved to sell the property on an "as-is, with all defects, fixer-upper, tear-downer basis. The longer the home sits without being sold, the more expenses will be incurred.
One of my homes in Redmomd, Oregon had no foundation, a leaking roof and an illegal wood stove and I still sold the home with full disclosures.