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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: probate/ownership question? Posted by Rick Harmon on April 25, 2003 at 8:54 AM In Reply to: probate/ownership question? posted by Deb S. on April 24, 2003 at 8:57 PM Deb Since you did not post the State where this property is located, it's difficult to discuss any particulars. However, let's apply Calif. probate laws for example. Here we have laws of consanguinity, a $10 word defining the degrees of relationships, essentially who inhererits, what percentage and what order. This also applies to creditors, i.e., you don't necessarily have to be an heir/lineal descendant to become administrator. I periodically see cemetaries file to become probate administrators just to get the ball rolling, knowing that either a family member or County Public Adminstrator will eventually boot them out of the job, but they get repaid for money advanced to the estate. Using your creative skills, can you think of a way to work out a transaction with the non-adoptive offspring to sell you the house, become administrator, and complete the transaction? It would be better if the administrator was not you because there could be some flack about selling you the property for a low price (under 90% of court referree's appraised value) and not having the money to pay the creditors, tho'. Also, it's very common for unsecured creditors to acccept pennies on the dollar from probate estates; I see it virtually every day. Ultimately, you'll need to develop a comprehensive plan on how to approach this matter. There may not be enought profit to warrant the complexity of an elegant solution like I laide out. On the other hand, you might like the challenge. Best of luck to you. Rick Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Deb : Since you did not post the State where this property is located, it's difficult to discuss any particulars. : However, let's apply Calif. probate laws for example. Here we have laws of consanguinity, a $10 word defining the degrees of relationships, essentially who inhererits, what percentage and what order. : This also applies to creditors, i.e., you don't necessarily have to be an heir/lineal descendant to become administrator. I periodically see cemetaries file to become probate administrators just to get : the ball rolling, knowing that either a family member or County Public Adminstrator will eventually boot them out of the job, but they get repaid for money advanced to the estate. : Using your creative skills, can you think of a way to work out a transaction with the non-adoptive offspring to sell you the house, become administrator, and complete the transaction? It would be better if : the administrator was not you because there could be some flack about selling you the property for a low price (under 90% of court referree's appraised value) and not having the money to pay the creditors, tho'. : Also, it's very common for unsecured creditors to acccept pennies on the dollar from probate estates; I see it virtually every day. : Ultimately, you'll need to develop a comprehensive plan on how to approach this matter. There may not be enought profit to warrant the complexity of an elegant solution like I laide out. On the other hand, : you might like the challenge. Best of luck to you. : Rick Optional Link URL: Link Title: Optional Image URL: [ 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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