....why in the world the city of Broken Arrow needs 50k to demo a severely fire damaged house in order to build a park. They're 8k short on their goal, which means that they already have aporox. 42k to complete the project. MOo.....
No snark or sarc intended (forgive me if I've misunderstood question & some info*) but -
neither city of B/A
nor 'foundation,' councilman Lester said he started,
owns the prop yet, IIUC.
A foundation (or other entity)
must buy it, then transfer title to City of B/A before developing as a park.
Before or after fire (I've forgotten), lienholder/creditor (a bank, iirc) agreed to sell to city or the local group for ~$50,000.
IDK if parties had an actual sales contract or just a 'handshake deal' (technical real estate-speak for horsefeathers).
Who actually holds title to prop now? Is it subject to probate or probate proceedings? IDK
See below re wrecking company's stmt re volunteering its services re
demolition. Gratis, instead of est'd 20,000?
Even after 'foundation' transfers land to city, city will have to spend
$$$ for sidewalks, benches, plantings, etc to transform into 'park' and in coming years will also have to
pay for maintenance, insurance, etc.
Very sad circumstances for all fam, friends, neighborhood, & city. Hoping memorial park will provide further healing.
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* Not claiming the below is factual but think each is likely.
1. When buying, Mr & Mrs got mortgage, w prop as security for loan w creditor. May/may not have 2nd mortgage or HELOC.
2. At time of deaths, a creditor (say, bank or assignee)
held mortgage/lien on house & land for remaining balance of mtg loan ($*advertiser censored*,000?).
3. At time of deaths, home & land value may not have exceeded remaining loan balance. May have, IDK.
4. After deaths, w murder-stigma, value may have dropped/did drop,
5. Home & land was part of their probate estate, distributed by probate ct per their wills or per OK intestacy statutes, but subect to the mtg lien (if not paid by credit life insurance policy proceeds, but CLI proceeds pay only for house & improvements, not land's value).
IDK what their wills, trust, etc. provided and IDK what has happened, since deaths, 1 1/2 - 2 yrs ago, but am thinking it's likely -
6. After deaths, lien-holder/creditor may have bn in position to foreclose, and did so, and became owner of house & land.
7. Post-foreclosure, now-owner/ex-lien-holder/ex-creditor offered to sell it for $50,000 which presumably would only
partially satisfy the principal balance due on the loan.
All ^ JM2cts, subject to change w more info.
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"Fire Destroys Vacant Bever Family Home In Broken Arrow."
http://www.newson6.com/story/34944197/fire-destroys-vacant-bever-family-home-in-broken-arrow Feb 27
^ "A group in Broken Arrow wants to demolish the home and replace it with a memorial garden. The City of Broken Arrow and the people who live in the neighborhood say they want the property to transition into a place of peace and healing.Their first step is to buy the home on Magnolia Court...."
"[Broken Arrow city councilman]
Lester started a foundation to raise money to buy the house. Once that happens, the foundation will deed it to the city to take over the project.
A local wrecking company has already volunteered services to demolish the home when its time, a project that would otherwise cost about $20,000." bbm
