Can I do anything with this?? Some advice please.. - Posted by Maria (FL)

import · July 29, 2003, 1:03am

Posted by Maria (FL) on July 29, 2003 at 12:32:46:

Mr Starr, what an honor to speak with you again. Funny you remembered my first purchase! I have since purchased another house that I currently have rented out.So now I have 3.
Thank you for all the insight into the will and probate. Not my area of expertise at all. I never thought about the probate not being filed. I bet it was not. They dont seem to care about keeping up with things. House is really bad. Only one in neighborhood that is not kept up really nice. Even has a cool skate boarding ramp on the side of the house!
I went and knocked on the door today. But they didnt answer. I will give it another try. Question- If I lease it with the contract to buy it when probate is complete what if she tries to back out? Would I be covered? By then I would have alot of money tied up in it. Would a lawyer handle it all with them moving out of state? The sons are minors btw.
Thanks so much for your expertise. I will keep at it and see if I can learn anything else.
Happy investing…Maria :0)

import · July 29, 2003, 1:03am

Can I do anything with this?? Some advice please… - Posted by Maria (FL)

Posted by Maria (FL) on July 29, 2003 at 01:03:03:

There is a house in my neighborhood -total eyesore. I see in the paper a Notice of Action for foreclosure with Chase.They have 6 days to contest. After checking I find the home is in the husbands name under Estate of John Doe but the action in the paper has wifes name. All records I pulled up only list husband. They have been down the foreclosure road 3 times before and pulled out.Today I find out from the son that they are moving away mom is remarrying and they will be either renting the house out or selling it they dont know for sure. I assume mom is protecting the child. No way you could sell it as is for much.I think she is planning to walk away. House fixed up is worth $85,000 mortgage is for $60,000. 1991 3/2
Questions-

I saw it was a hud home then 4 days later went to source one mortgage co then homeowners bought it in 1999. Is it still considered a hud home? If so can I still do anything here?

Next should I consider a subject to or short sale although with the equity even in the terrible shape this neighborhood is appreciating nicely. Can I do a subject to if it was once a hud? Or should I consider my own financing?If the apprasial was generous it could work for hml. What do you think is best approach?

If they are walking I would like to offer them some moving money to work with me. I could catch it up then fix it enough to rent for a few years then sell if I chose. It would have some decent equity.

Last any ideas how to approach since they are in my neighborhood? I dont wont offend. :)This is a big one.
All thoughts are appreciated! Maria Florida

import · July 29, 2003, 10:32am

Probate… - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on July 29, 2003 at 10:32:54:

Maria–(FL)----------------

Nice to talk to you again. So, the first house for your sister was not enough for you, huh? You want to get into more houses?

Don’t worry about the HUD business. That is all past. It is now owned by the estate of the woman’s deceased husband. That means she cannot deed the property to you. There will have to be a probate on his estate to move the property into her ownership. At that point she could sell it to you.

If you want it, you need to make a contract with her to deed the property to you after she becomes the owner, at some agreed-upon price. Then you get a probate attorney to start a probate file on the property.

You loan money to the estate for the loan payments and perhaps delinquent property taxes. Get a contract from the personal representative of the estate to have access to the property–say a lease. You can fix up the property and sublease it while the probate action is going through the courts. The probate will likely take about 9 months.

Now, there is also the possibility of other heirs here, especially if the late husband did not have a will. It is possible, for instance, that the son is also entitled to a proportion of the ownership of the property, not just the widow. And, if the son has siblings, they might be entitled to some interest in the property. This is a matter of intestate succession, which is determined by state law.

So, don’t just sign a contract with the woman. Find out what the situation is vis-a-vis a will, whether their is already a probate filed, who the possible heirs might be, etc.

Good Investing******Ron Starr