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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Dealing with deceased owner's California property Posted by Craig in LA on April 07, 2004 at 6:31 PM In Reply to: Dealing with deceased owner's California property posted by Rick Harmon on April 04, 2004 at 10:37 AM : : : 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. : ========================================== : Joon : I think Ward hit the nail on the head; it's gonna be a problem file and there's no guarantees things will go as planned. We could get technical here, but there's never enough time or room to address all of the "what if's." : We first have to establish if there's a will. If so, the property will be distributed subject to the will AFTER paying all of the creditors, attorney and other estate admin. costs. If no will, the property goes 1/3 to surviving spouse and 2/3 to lineal descendants (children) and/or children's children. : No kids? Wife gets it all. May not have to be a full probate if husband died intestate or died long enough ago that property was worth < $100K at date of death. : Lots can go wrong here. Also, once wife is represented by attorney, there's a slim chance they won't find a way to back out of any deal you make on the front end (attorney's job is to advocate the client's interests; if that's the widow, then that's who's gonna get protected). : I handle these differently however I'm a bit protective how I go about that. Just remember that if the attorney represents the widow, you're interests aren't represented. : Let us know what happens, OK? : Good luck : Rick Before you spend more time and money on this deal, go to www.nolo.com and spend the $25 to get their "how to do your own probate" book. Give it a read. The requirements are the same whether you use an attorney or not. If the hassle factor does not phase you, then have at it. Follow Ups: 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. : : ========================================== : : Joon : : I think Ward hit the nail on the head; it's gonna be a problem file and there's no guarantees things will go as planned. We could get technical here, but there's never enough time or room to address all of the "what if's." : : We first have to establish if there's a will. If so, the property will be distributed subject to the will AFTER paying all of the creditors, attorney and other estate admin. costs. If no will, the property goes 1/3 to surviving spouse and 2/3 to lineal descendants (children) and/or children's children. : : No kids? Wife gets it all. May not have to be a full probate if husband died intestate or died long enough ago that property was worth < $100K at date of death. : : Lots can go wrong here. Also, once wife is represented by attorney, there's a slim chance they won't find a way to back out of any deal you make on the front end (attorney's job is to advocate the client's interests; if that's the widow, then that's who's gonna get protected). : : I handle these differently however I'm a bit protective how I go about that. Just remember that if the attorney represents the widow, you're interests aren't represented. : : Let us know what happens, OK? : : Good luck : : Rick : Before you spend more time and money on this deal, go to www.nolo.com and spend the $25 to get their "how to do your own probate" book. Give it a read. The : requirements are the same whether you use an attorney or not. If the hassle factor does not phase you, then have at it. 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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