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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Probate issues Posted by Kristine-CA on June 21, 2009 at 11:46 AM In Reply to: Probate issues posted by Gursel on June 20, 2009 at 2:32 PM I wrote three different responses to this last night and deleted them all before posting. I wouldn't do this deal because of the value versus what needs to be done to rehab title. I speak from experience on these types of probate deals and can tell you that the deal is fraught with landlmines. You're looking at at least two separate probate actions and at least one guardianship/conservatorship for the minor. The grandson in prison is a huge wild card. He may not be able to enter into any contract with you, depending on state law (here in CA, he may not, and in my county the probate courts make you state that no one signing anything was in prison.) If he ends up on title in anyway, he may owe for incarceration expenses and/or retribution/victim funds. The chances that he has debts in his name is huge. Same is true with the granddaughter who died intestate. There is a correlation between those who die intestate and debt, especially when people die unexpectedly and/or at a young age. What kind of lien is foreclosing? If there is anyway to buy that lien or buy it at sale, that's the only way I would do the deal. Kristine : Hi, : Met with an "owner" of a property in NJ today. : Original owner took title to the property as a widow in 1960 and died testate in 2005, survived by two daughters and a son. : She devised the property as follows, "one half to my granddaughter Alice, with her mother Mary, acting as guardian concerning all mattters of this real estate; one quarter to my son John, and one quarter to my daughter Joan." : Alice died intestate in 2006 survived by a son Joe. Mary, the "owner", lives in the subject property with her grandson Joe. John is alive and, according to Mary, willing to cooperate. Joan died intestate in 1990 survived by a son, George, who is in prison for drug dealing and also supposedly willing to cooperate. : The will was probated in 2006 and letters were issued to an unrelated third party who died in 2007 without taking any action in this matter and nothing else has been done since. : The catalyst is a 15K lien, the only encumbrance on the property, about to start foreclosure, and the "as-is" value of the property is abot 90K. : I made her an offer for "something other than cash" that should cost me about $16K, with special thanks to Rick Harmon, and she's thrilled with it. : Your thoughts about what needs to happen now at Probate Court and how long that would take. Is the involvement of a minor, Joe, and issue? How would you do this deal? : I appreciate your thoughts. : Gursel Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I wrote three different responses to this last night and deleted them all before posting. I wouldn't do this deal because of the value versus what needs to be done to rehab title. I speak from experience on these types of probate deals and can tell you that the deal is fraught with landlmines. You're looking at at least two separate probate actions and at least one guardianship/conservatorship for the minor. The grandson in prison is a huge wild card. He may not be able to enter into any contract with you, depending on state law (here in CA, he may not, and in my county the probate courts make you state that no one signing anything was in prison.) If he ends up on title in anyway, he may owe for incarceration expenses and/or retribution/victim funds. The chances that he has debts in his name is huge. Same is true with the granddaughter who died intestate. There is a correlation between those who die intestate and debt, especially when people die unexpectedly and/or at a young age. : What kind of lien is foreclosing? If there is anyway to buy that lien or buy it at sale, that's the only way I would do the deal. Kristine : : Hi, : : Met with an "owner" of a property in NJ today. : : Original owner took title to the property as a widow in 1960 and died testate in 2005, survived by two daughters and a son. : : She devised the property as follows, "one half to my granddaughter Alice, with her mother Mary, acting as guardian concerning all mattters of this real estate; one quarter to my son John, and one quarter to my daughter Joan." : : Alice died intestate in 2006 survived by a son Joe. Mary, the "owner", lives in the subject property with her grandson Joe. John is alive and, according to Mary, willing to cooperate. Joan died intestate in 1990 survived by a son, George, who is in prison for drug dealing and also supposedly willing to cooperate. : : The will was probated in 2006 and letters were issued to an unrelated third party who died in 2007 without taking any action in this matter and nothing else has been done since. : : The catalyst is a 15K lien, the only encumbrance on the property, about to start foreclosure, and the "as-is" value of the property is abot 90K. : : I made her an offer for "something other than cash" that should cost me about $16K, with special thanks to Rick Harmon, and she's thrilled with it. : : Your thoughts about what needs to happen now at Probate Court and how long that would take. Is the involvement of a minor, Joe, and issue? How would you do this deal? : : I appreciate your thoughts. : : Gursel [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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