We are not investors and this is our first time ever doing anything like this. We’re not quite sure how to proceed.
To make a long story short, my mother passed away in last year. Her house went into foreclosure and my siblings and I decided to try to buy it back (mainly for sentimental reasons because my mom worked hard to buy the house as a single parent and the land on which the house sits has been in our family for over 100 yrs).
The house ended up going to auction and we decided that my brother would do the bidding because 1) he was already living in the home and 2) my sister and I already own homes. He was the highest bidder and now we have to pay the money. Initially we were given 10 days to pay the money but the trustee has given us 3 extensions since then. When we first started bidding, I must confess that we knew we did not have all of the money needed but we were very confident we would have it before our extensions ended (we were not required to show proof of actually having sufficient funds to pay). We are now coming to the end of our 3rd extension and now we need to pay. My siblings have nothing to contribute to this but my husband and I have been considering using some of our savings to pay this off because we do not want to lose the home or land.
That leads me to my questions. We (my husband and I) have no interest in living in this house. My brother will more than likely end up staying there. How do we proceed on this?
Can we make a wire transfer to the trustee office in the full amt. (they do accept wire transfers) even though the bid is in my brother’s name?
How will the paperwork be filed? Even though my brother did the bidding, can the deed be placed in our name (my husband & myself) instead of his or will it have to be placed in all three?
I think that’s all I need to know but like I said before, this is our first time and I’m not even sure what to do. Any advice would be greatly appreciated. If there is anything I’m overlooking please please let me know.