InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: probate and foreclosure Posted by Rick Harmon on November 01, 2003 at 3:22 PM In Reply to: 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 *************************** Dave, you may be right. Buying property from a dead owner is full of pitfalls and surprises (remember "Weekend at Bernie's?") Seriously, it's a VERY big topic and way too broad to cover in this forum. If you have a specific question, I'll answer is briefly. If it gets more involved then we'll have to work out some arrangement. Let me know if I can help! Rick Harmon Follow Ups: 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 : *************************** : Dave, you may be right. Buying property from a dead owner is full of pitfalls and surprises (remember "Weekend at Bernie's?") : Seriously, it's a VERY big topic and way too broad to cover in this forum. If you have a specific question, I'll answer is briefly. If it gets more involved then we'll have to work out some arrangement. : Let me know if I can help! : Rick Harmon 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455