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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Property is in California, San Diego county Posted by will on April 03, 2004 at 10:59 PM In Reply to: probate que - for Rick or Ward posted by will on April 03, 2004 at 10:54 PM : Ward or Rick, : I found a string of posts from the archive that describes very similar to my current opportunity. (I should've checked before : I posted my previous two msgs.) : My deal is definitely worthwhile where I will be getting about >$100k of profit at resale. : I have a surviving wife who is very cooperative. She will file for Chpt13 emergency petition if needed. There is a will. She is the sole beneficiary to the house. So I am willing to put my time and effort to make this work. BUT, I only have 3 days until TS date. : Is there anyway to postpone the TS date? I am not sure TS date will postpone even if she files a BK because the mortgage note : only has her deceased husband's name on it. : Also, do all and any real estate of a deceased person has to go : through probate regardless of total value of the estate or value : of the property? : Thank you! : : Posted by Ward-CA- on December 28, 2002 at 7:22 PM : In Reply to: Re: Not a doable deal.. posted by Rick Harmon on December 28, 2002 at 6:08 PM : : Maybe Ward is right however Probate real estate is my obsession. : : Yes, you'll have to probate the decedent's estate and this will take a lot of coordinating : : of legal resources, expertise, family members and title company and escrow. : : So, you've got your work cut out for you. I guess I'd want to see a really great deal before I'd tackle this one. : : If the family is cooperative...and I mean EVERYONE - all the heirs, you might have something to work on. : : Here's how it could work: : : 1) Determine if there is a will, and if so make sure it doesn't live the house ("bequeath") to someone already. : : 2) Someone will have to act as Executor (person named in the will) or, if no will, Administrator (same job) : : 3) Hire an attorney who specializes in probate to open the estate by petitionaing the Court for Letters of Special Administration : : 4) Get Court Powers allowing Exec/Admin. to sell property to you : : 5) Find out what Escrow/Title company needs to get marketable title : : 6) Have a darn good list of reasons why estate should sell property to you for discount : : 7) Be prepared to put a whole lot of time into this one (it may not be worth the time) : : 8) Don't count on ANYTHING going as planned, especially getting court documents, cooperation from heirs, etc. : : 9) Keep good notes : : 10) Learn from the experience so next time it won't be so tough : : Best of luck! : : Rick : =?????????? : Rick, : You are the expert as far as such probate matters are concerned, I’m a layman in this area. : My only reservation about this deal is the amount of time left before it goes to trustee’s sale. Gus says in his post that it’s going to sale the beginning of the year. Heck that’s only 3 business days away!! : But if you say it’s possible I’ve got to believe you. Follow Ups: Dealing with deceased owner's California property Rick Harmon 10:37 AM, 04/04/04 (1) Re: Dealing with deceased owner's California property Craig in LA 6:31 PM, 04/07/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Ward or Rick, : : I found a string of posts from the archive that describes very similar to my current opportunity. (I should've checked before : : I posted my previous two msgs.) : : My deal is definitely worthwhile where I will be getting about >$100k of profit at resale. : : I have a surviving wife who is very cooperative. She will file for Chpt13 emergency petition if needed. There is a will. She is the sole beneficiary to the house. So I am willing to put my time and effort to make this work. BUT, I only have 3 days until TS date. : : Is there anyway to postpone the TS date? I am not sure TS date will postpone even if she files a BK because the mortgage note : : only has her deceased husband's name on it. : : Also, do all and any real estate of a deceased person has to go : : through probate regardless of total value of the estate or value : : of the property? : : Thank you! : : : : Posted by Ward-CA- on December 28, 2002 at 7:22 PM : : In Reply to: Re: Not a doable deal.. posted by Rick Harmon on December 28, 2002 at 6:08 PM : : : Maybe Ward is right however Probate real estate is my obsession. : : : Yes, you'll have to probate the decedent's estate and this will take a lot of coordinating : : : of legal resources, expertise, family members and title company and escrow. : : : So, you've got your work cut out for you. I guess I'd want to see a really great deal before I'd tackle this one. : : : If the family is cooperative...and I mean EVERYONE - all the heirs, you might have something to work on. : : : Here's how it could work: : : : 1) Determine if there is a will, and if so make sure it doesn't live the house ("bequeath") to someone already. : : : 2) Someone will have to act as Executor (person named in the will) or, if no will, Administrator (same job) : : : 3) Hire an attorney who specializes in probate to open the estate by petitionaing the Court for Letters of Special Administration : : : 4) Get Court Powers allowing Exec/Admin. to sell property to you : : : 5) Find out what Escrow/Title company needs to get marketable title : : : 6) Have a darn good list of reasons why estate should sell property to you for discount : : : 7) Be prepared to put a whole lot of time into this one (it may not be worth the time) : : : 8) Don't count on ANYTHING going as planned, especially getting court documents, cooperation from heirs, etc. : : : 9) Keep good notes : : : 10) Learn from the experience so next time it won't be so tough : : : Best of luck! : : : Rick : : =?????????? : : Rick, : : You are the expert as far as such probate matters are concerned, I’m a layman in this area. : : My only reservation about this deal is the amount of time left before it goes to trustee’s sale. Gus says in his post that it’s going to sale the beginning of the year. Heck that’s only 3 business days away!! : : But if you say it’s possible I’ve got to believe you. 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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