mentally institutionalized owner - Posted by chalazion

Real Estate Investing
#1

Posted by GL(ON) on March 07, 2002 at 16:40:43:

In that case the owner could sign legal papers to sell the house. I would attempt to find the next of kin and discuss the situation with the family. It may well be in the person’s best interest to sell the house unless they were expected to return to it soon.

If someone doesn’t look after the house the alternative would be for it to depreciate due to lack of care until it was worthless, or until they lost it to the municipality for back taxes.

It is possible that the person’s family has simply forgotten about the house or does not know what to do about it, and would be relieved to see it sold.

#2

mentally institutionalized owner - Posted by chalazion

Posted by chalazion on March 07, 2002 at 08:30:35:

I came across a vacant home. I spoke to the mail man and was told that the owner is mentally disabled, and no one can touch the house until that person is deceased. Has anyone had experience with same scenario?
I know anything “doable” how is this situation handled in order to effect a purchase?
thanks

#3

Re: mentally institutionalized owner - Posted by GL(ON)

Posted by GL(ON) on March 07, 2002 at 08:50:13:

If an owner is institutionalized he must have a guardian or someone to look after his affairs. I would start by asking the tax people who pays the taxes and where they send the bill.

#4

Re: mentally institutionalized owner - Posted by Paula

Posted by Paula on March 07, 2002 at 16:22:00:

I am “newbie” when it comes to Real Estate, but I am a social service executive by trade and this one might actually be not doable. The majority of people (80-90%)who are mentally challenged either mentally ill or mentally retarded who are over 18 do not have guardians. They are considered their own legal guardians. Most of the time their families have not had them determined to be legally incompetent due to the expense involved and the social service system recognizes the next of kin for any decisions. However, when legal or medical decisions are needed to be made, a hospital or court will not recognize their signature or “mark” as sufficient so the situation is in limbo. My recommendation would be to try to find a close relative. The closest the better, preferably a parent or sibling. Explain your interest and it might motivate them to spend the time and money to have the person declared legally incompetent and have the courts award them guardianship.

Otherwise, waiting until they pass might actually be realistic.