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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] probate and foreclosure Posted by Magic Dave on November 01, 2003 at 1:44 PM Ward, I'm coming across a lot of situations where someone calls me up and there's a Trustee's sale in a week or so and there's a chunk of equity, but the property was in their father's name and he's deceased and there was no will. Maybe they're an only child, or maybe there's an estranged sibling that moved to Wyoming 23 years ago who nobody has spoken to. Anyway, my gut tells me this is a risky proposition, but if the equity is there, would you ever get a purchase agreement signed (especially if there's only one heir) and make up somone's arrears and put it through probate to get the property? I see a couple downsides here: 1. This could take a long time, so it would have to REALLY be worth it. 2. The person lies and there's 12 brothers and sisters who hate each other and disagree on the purchase agreement. 3. The person signs a purchase agreement, and then when you've made up the arrears and paid for the probate, they refuse to sign over the deed and you have to sue them. 4. The heir himself dies during his father's probate. I'm sure there are more risks that I'm not seeing. Anyway, if someone calls you about their deceased dad's property that is going to sale in one week, and there's 300K in equity and all they want is 5K, what would you do? Sorry for the lengthy question, Dave Follow Ups: Re: probate and foreclosure Rick Harmon 3:22 PM, 11/01/03 (3) What About Buyer at Trustee Sale SeanW 3:59 PM, 11/01/03 (2) Re: What About Buyer at Trustee Sale Rick Harmon 5:02 PM, 11/01/03 (1) Re: What About Buyer at Trustee Sale SeanW 8:16 PM, 11/01/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward, : I'm coming across a lot of situations where someone calls me up and there's a Trustee's sale in a week or so and there's a chunk of equity, but the property was in their father's name and he's deceased and there was no will. Maybe they're an only child, or maybe there's an estranged sibling that moved to Wyoming 23 years ago who nobody has spoken to. Anyway, my gut tells me this is a risky proposition, but if the equity is there, would you ever get a purchase agreement signed (especially if there's only one heir) and make up somone's arrears and put it through probate to get the property? : I see a couple downsides here: : 1. This could take a long time, so it would have to REALLY be worth it. : 2. The person lies and there's 12 brothers and sisters who hate each other and disagree on the purchase agreement. : 3. The person signs a purchase agreement, and then when you've made up the arrears and paid for the probate, they refuse to sign over the deed and you have to sue them. : 4. The heir himself dies during his father's probate. : I'm sure there are more risks that I'm not seeing. Anyway, if someone calls you about their deceased dad's property that is going to sale in one week, and there's 300K in equity and all they want is 5K, what would you do? : Sorry for the lengthy question, : Dave 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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