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Shared duplex; neighbor not paynig their mortage but we want to sell

We bought new contruction in 2003 - a great, big duplex.  We now need a bigger place and have been working very hard to get our place in "as new" condition.  I know we'll ask less than what we payed (due to market) but just found out our neighbors, who are connected to us, aren't paying their mortage.  I am concrened they will be foreclosed and will alter our selling price to a level we can't get out of.  What can we do?  How long will this process take?  Do we have any rights with this?
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June 28 2011 - Haverhill
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Answers (6)

Mom:

Great questions and ones that we can give you some guidance on.  My first advice is to contact a recommended real estate attorney, and a mortgage broker.  You need to determine if the folks next door have been current on their condo fees and other shared costs.  The biggest issue with them being in default other than effecting your value is that most lenders will not lend on a duplex that is not financially solid.  That is the biggest impact that it will have on you selling.  All the best
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July 01 2011
Continue to press forward with your plans to sell your home. Your neighbor's home isn't the only data used to determine the value of your property  Your property's value is assessed by comparing similar homes that have sold within the past 6 months within the same geographical location.  
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June 28 2011
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Michael,

I would be careful to comment on a matter you research online. You are in MN and I would imagine have no knowledge of the process in MA. While generally there are similar procedures, there are variances in time and legal steps from state to state.
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June 28 2011
The foreclosure process is very long depending on the lender.  There are a number of court dates and time periods that must be met before a home is actually foreclosed on and an auction date is set. 

Depending on the lender - the vacant side of the duplex could hurt or help your sale.  Careful how much $$ you put into your place before bringing it to market to limit your investment loss.  Not all improvements truly help the marketability of a property.

I hope that helps!

Amy
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June 28 2011
Judging by what I've seen online the process from the time the lender begins the default process to sheriff's sale is about 90 days.
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June 28 2011
No you have no rights but it might be wise to sell quickly before they get foreclosed and your value is reduced
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June 28 2011
 
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