Posted by John Merchant on August 27, 2003 at 19:47:56:
The law on the question is the law of the State wherein the RE is situated.
What state is it? Probably some lawyer or otherwise law knowledgeable reader in that state can quickly help you.
You’re definitely on the right track as the heirs & any court appointed administrator are going to be looking for liquid (cash!) assets to be distributed after last expenses, funeral, etc. have been paid.
This is a golden opportunity for REIs.
Also know that if NOBODY comes forward, it might be possible for YOU to be appointed to administer the assets of the deceased “intestate” (no will), so you’ll maybe want to consult with your own lawyer in that state if nobody else steps forward to do this.
You’d be advised to hold off applying to be the Admr. yourself, until you KNOW nobody else is coming forward. It would saddle you with some special legal obligations, since you’re an interested party, being a tenant, and a possible buyer for the property.
Good luck here.