Posted by Lee on December 03, 1998 at 22:05:03:
Has a succession been done?
If not, the “sellers” are in great danger of losing
the house and all equity at (in LA) Sheriff Sale.
Chances are… if they could make the payments they would
have, hence now facing a foreclosure.
The potential heirs (sellers) cannot convey title to
the property without being sent into “possession”.
The “sellers” do not own the house.
I assume, Wooooo! What did I say?
I assume, You KNOW the Market Value of the house, you KNOW how to inspect the structure, plumbing, electrical ect.
My best advice…
1)Have a pro check for leins.
2)Buy the mortgage… (but don’t expect a discount if it’s a first).
3)Then, get a “quit claim” from EVERY family member (except the dog).
4)Give them a note if you have to, due after you sell the house, allow up to two years on the note (breathing room).
(Been there done that)