If the Owner is Dead…Who signs the PURCHASE AGREEMENT??? - Posted by Tony James
Posted by Tony James on March 25, 2000 at 13:18:35:
There is a house I want to buy. The owner was a friend of the Family, but she died a couple years ago. THe place is worth at LEAST 120k after fix-up. She had 3 kids. 2 want to sell the place, 1 doesn’t, because it was his moma’s house. He just got out of Jail and is flat broke. The House needs repairs, and he doesn’t want to move out. By the way…The House is FREE AND CLEAR, Paid for.
SO what I offered him is… $10,000 each. Him and His brother, and sister. I have a 3 Bed room House, and a DUplex 3br down, and 2 br up. I would sale him these two places on a Contract for deed. The Rents come in about $850 ater expences. His $10,000 portion would cover the money down for these places. Also I would rent to own him his moms house. With the money for the two properties, that would pay his monthly payments where he lives. Also I would give him $5,000 For his pocket, for helping me do the repairs on the house.
So basicly I am estimating putting 45k into a 120k property.
Now my MAIN question is…WHO signs the purchase agreement. I want to go over there today and give all three Brothers and sister a check for $500 each as earnest money, but whos SIGNATURE do I need. The title of the house is still in their moms name it looks like. But she’s dead.