Newbie Needs Help, Now! - Posted by Terry S.

Posted by david garcia on February 04, 2002 at 22:49:56:

probate is the process of distributing the property to the rightful owners. It also implies figuring out who the rightful heirs are & paying off creditors. This takes up to 2 yrs. So find out in what stage its in & who the heirs are.

Then off 50% of the value, Why? People who inherit homes usually prefer cash instead of having to take care, manage, maintain a home that they have inherited, so you can make a good profit.

If they accept, either find a buyer & get him financed & you keep the differnce or get a loan by yourself.
You may ask how can you sell something that you dont own, well if you sign an option to purchase that home, youi can assign that contract to someone else for a decent profit because you have an interest in that property.

Newbie Needs Help, Now! - Posted by Terry S.

Posted by Terry S. on February 02, 2002 at 22:47:54:

I am new to RI. I have found a property that has potential, but is in probate. There are no liens against it. (At least that’s what I’ve been told)I have two ways of financing, one with hard money and a draw, the other, traditonal mortgage route. I don’t know which way to go because I don’t know much about probate. Can anyone tell me how I should handle this situation. I am meeting with the grandson of the deceased property owner tomorrow afternoon. I believe the property can be fixed up a little for a decent profit or can be flipped to a retailer for quick cash, how should I deal with the grandson? HELP, anyone!