Re: Deceased no probate - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on October 02, 2003 at 18:20:49:
You probably need to figure out who the heir(s) are. The attorney probably can tell you that. You need to look to see the amounts of any loans, liens, and liabilities on the property, including delinquent property taxes. This will give you an idea of the minimum price they might take. Usually people will not sell a property for less than they owe owe on it. This may be while they have done nothing with the house.
Get an idea of the market value of the property, as is and fixed up. This helps you see if their is some potential profit for you. ANd helps guide you as to how high you could pay for it.
Assuming the brother is the only heir, you’d get a contract with him to sell you the property once he came into title. You might get yourself appointed as a representative of the estate, to save him the effort. Otherwise he will be the personal respresentative. The attorney will do most of the work and the PR will probably just sign a few papers.
You might be the one to pay the attorney fees as it goes along.
Once the probate is finished, the heir will deed the property over to you at the price that you agreed on. Now you quake and wonder if you’ve lost your mind, getting involved in real estate investing. You defend yourself to all your relatives and friends who say you are crazy.
After that come back here and ask for next steps.
Good Investing**Ron Starr