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Re: probate - attn Rick Harmon
Posted by Rick Harmon on October 03, 2003 at 2:45 PM
In Reply to: probate - attn Rick Harmon posted by JC in Seattke on October 03, 2003 at 9:49 AM
: Found a great abandoned house. Owner died about 20 months ago. I have a copy of the death certificate. I contacted her brother, who has no interest in the house, and directed me to their attourney. The attourney is very cooperative, but says no action has been taken whatsoever on his part since the death. How can I move forward on this? I have no clue where to go next. Thanks!
JC - Yep, you got an interesting one in front of you. Hopefully you've already researched out the equity and title situation so that we aren't gonna do this research in vain, right?
Here are all of the ways I can think of to acquire a deceased person's property: Ways to Buy Deceased Owners Property
(A Summary of Purchase Techniques)
I) No probate open
A. If decedent left a Will, determine if valid and buy from heir(s)
B. Properties sometimes left to charities who prefer cash equivalent to realty
C. If no Will (“intestate”), use formula to determine each heir’s % of share
D. Purchase inheritance from heir(s) via assignments of distributive shares
1. Influence who will be the P.R. (who you can work with)
2. P.R. has fiduciary duties to creditors and heirs alike
3. Court looks closely at all sales (and assignments, too)
E. Retain attorney specializing only in estate law to probate for you
F. If time is of the essence, attorney may shorten time to sell via applying for Order giving Administrator Special Powers (only if last resort)
E. If small estate, use Probate Code §13100 re: Succession to Real Property under $100,000 to bypass full probate proceeding
II) In Probate now
A. Buy from Executor/Administrator (Personal Rep. or “P.R.”) via contract
1. Full Power (no Court Order needed if no objections from heirs)
2. Limited Power requires Court Order confirming sale
a. Court sales subject to overbid by other buyers
b. Court confirmation may take 2-3 months to get Order! III) Property with loan in foreclosure
A. Buy at trustee sale
B. Buy defaulting Trust Deed and Foreclose as beneficiary
C. Buy Junior T.D. and foreclosure due to breach of Sr. T.D. NOD
D. Buy R.E.O. from lender after property reverts back IV) Title held in a trust
A. Purchase realty from successor trustee who has Power of Sale in Trust
B. Obtain Court Order if no Power to Sell clause in trust V) Judicial foreclosure
A. Purchase judgment lien, record abstract, perfect via Writ of Execution
B. Purchase creditor’s claim and absorb equity
C. Find legal claim to title and file Quiet Title Action in Superior Court VI) Other useful resources:
A. “How to Probate an Estate” (Nissley) available at www.nolo.com
B. “Inside a Probate Sale” (Ellison) available at: www.closeprobate.com/pagepro_realestate_insideprobate
C. (Q &A related services, realty forms, probate links, attorney referrals) www.closeprobate.com
D. Find a mentor or a more experienced partner That's about it. I hope this helps! Rick Harmon
(P.S. - don't be afraid to hire a competent real estate attorney to help you navigate thru this. Just make it clear on the onset that you're the client and make the calls, not the other way around)
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