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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: How do I handle this? Posted by Jeff on January 20, 2004 at 9:13 AM In Reply to: Re: How do I handle this? posted by Rick Harmon on January 20, 2004 at 8:42 AM : : Ward or Rick, : : House going to auction in 2 weeks. Lots of equity but owner died (with a will) 4 years ago. Son is living there and wants to sell. He was/is executor of estate and sole named heir. I will be doing an EPA tomorrow in order to get the clock running. How do I handle the estate/sale issues? BTW-there are few if any assets other than house, if that's important! : : Thanks, : : Jeff : ================================= : Jeff - : You don't mention your property's State so I'll act as if it's California. Also, I didn't pick up on whether a probate case had been opened or not yet. Let's assume that they haven't done anything yet... : I would go to an attorney who specializes in probate and tell her/him your situation. Here's the dilemma that you might find yourself in: : 1) If you purchase the property fromm the executor, you don't want to have a situation whereby other people have an opportunity to bid the price up via a confirmed R.E. sale. One way to avoid this is to make certain that the Exec gets Full IAEA court powers, which do NOT require court confirmation of the sale. The tricky parts here is: what if the Exec must be bonded and isn't bondable? Also, under this circumstance, the attorney will serve the best interest of the client, and if he/she sees that the sale price is lower than market you'll have lots of trouble as the Exec is still in control and may recant on your deal. : 2) If you have the Son sell you his inheritance (via an assignment) you're buying what he's gonna get after all the estate debts and attorney fees are paid. : Here's what we do: Have the Son assign his interest to you on an equity basis and nominate you as the Administrator (same as Exec but not name in will). You pick the attorney. The attorney now works for you. Now, when you sell the property (during probate if you wish) you can sell for full market, learn who your competition is, and pay the heir (SOn) his equity share after paying the estate debts, including the attorney. By the way, since you're now the Adminstrator, you get paid the same statutory fee as the attorney. : I see you have tears of happiness! Good luck. : Rick Thanks Rick, How can I accomplish all this in less than the 2 weeks remaining before auction? Is there an interum step where we make the catch-up payments to the lender and not risk something happening in probate to derail our deal? BTW this is in Calif and is not in Probate. Thanks, Jeff Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Ward or Rick, : : : House going to auction in 2 weeks. Lots of equity but owner died (with a will) 4 years ago. Son is living there and wants to sell. He was/is executor of estate and sole named heir. I will be doing an EPA tomorrow in order to get the clock running. How do I handle the estate/sale issues? BTW-there are few if any assets other than house, if that's important! : : : Thanks, : : : Jeff : : ================================= : : Jeff - : : You don't mention your property's State so I'll act as if it's California. Also, I didn't pick up on whether a probate case had been opened or not yet. Let's assume that they haven't done anything yet... : : I would go to an attorney who specializes in probate and tell her/him your situation. Here's the dilemma that you might find yourself in: : : 1) If you purchase the property fromm the executor, you don't want to have a situation whereby other people have an opportunity to bid the price up via a confirmed R.E. sale. One way to avoid this is to make certain that the Exec gets Full IAEA court powers, which do NOT require court confirmation of the sale. The tricky parts here is: what if the Exec must be bonded and isn't bondable? Also, under this circumstance, the attorney will serve the best interest of the client, and if he/she sees that the sale price is lower than market you'll have lots of trouble as the Exec is still in control and may recant on your deal. : : 2) If you have the Son sell you his inheritance (via an assignment) you're buying what he's gonna get after all the estate debts and attorney fees are paid. : : Here's what we do: Have the Son assign his interest to you on an equity basis and nominate you as the Administrator (same as Exec but not name in will). You pick the attorney. The attorney now works for you. Now, when you sell the property (during probate if you wish) you can sell for full market, learn who your competition is, and pay the heir (SOn) his equity share after paying the estate debts, including the attorney. By the way, since you're now the Adminstrator, you get paid the same statutory fee as the attorney. : : I see you have tears of happiness! Good luck. : : Rick : Thanks Rick, : How can I accomplish all this in less than the 2 weeks remaining before auction? Is there an interum step where we make the catch-up payments to the lender and not risk something happening in probate to derail our deal? BTW this is in Calif and is not in Probate. Thanks, Jeff 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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