Make an offer

I been made aware of a situation re a property on NSW Central Coast ( near where I live ). A friend of a friend advised that this property was owned by a lady who passed away few yrs ago and left this house to her 3 teenage children who have been living with friends. Apparenlty they have not paid the bank any payments in last 12mths approx, thus the bank will or maybe have ALREADY, taken the property to recover approx $40,000 owing on it. Now I am wondering whether anyone has had exp in this situation. Could I make offer to bank for the property. What avenue shoulf I take with. I'm hoping they may be interested in a deal for myself to purchase property. Has anyone had exp with this before??
 
What ages are the teenagers? They may have a guardian that you could approach to discuss the situation with the property? The bank would certainly not be my first stop.
 
I have just been through the same situation.

the bank has a obligation to who ever owns the property and has to get the best possible price for the property, usually through auction - take what is owing to them and give the rest to the owners.

if the proceeds from the sale are not enough to cover the banks outlays then the bank has the right to persue the outstanding amount.

the bank is not able to accept any offers prior to auction as they may be sued for not trying to obtain the best possible price even if the sale price turns out to be less than the prior offer made.
 
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