Re: Have a deal and situation I’ve never done before - need advice before tonight! - Posted by JoeB(Atlanta)
Posted by JoeB(Atlanta) on February 01, 2000 at 13:00:29:
Hi Jennifer, your deal is a little thin to wholesale in my opinion (that many repairs when it’s only worth $35k is tight)…but here are answers to rest of questions. Most of them assume you have a good creative attorney to help.
When you fill out the contract (you can go under contract now) list sellers as: Estate of John Doe, then (in Georgia) we can have heirs do a simple, non-administrative Probate–takes about $100 and week or two. Have your atty help w/this. But if there are other heirs, expect a long battle and price increase. Put contingent upon Sellers probating will successfully. Don’t give them $300 earnest, if you need to keep it so you can pay for probate!
In Georgia, tax lien holder still has to do official foreclosure after redemption period ends…so on the one hand you may have more time than you think…on the other hand the tax lien holder can add any admin. costs he wants to to total when he enters into foreclosure, whereas during redemption it’s just your states allowable interest on $2000. Or talk to tax lien holder and see what he/she wants to work out and timeframe…prior to going under contract.
I’d show to investors now, cause you have kind of tight timeclock…but who nows how probate and tax stuff will turn out.
If you’re really comfortable rehabbing this one, I might just redeem it and do full purchase now, then fix up and resell…but resell can be tough in cheap n’hoods.
Lots of stuff to think about,