Posted by george on May 14, 2000 at 18:55:15:
Speak with a lawyer. I believe you can request that the property be auctioned or sold.
Opportunity with Probate Property??? - Posted by Suzanne
Posted by Suzanne on May 14, 2000 at 13:34:02:
I found a property in probate with a unique set of circumstances.
The home was owned by divorced couple. Just prior to putting the house up for sale, the ex-husband died. There was no will and no
trust — the property is locked up in probate. The ex-wife moved and the house is now vacant.
If I were to purchase the ex-wife’s half interest in the house and would then own half the property, would I have the right to rent the house out? At the time the other half came up for sale through the probate court, would the court only be able to sell the deceased’s half the interest in the house?
Any ideas would be greatly appreciated.
Suzanne
Re: Opportunity with Probate Property??? - Posted by Bud Branstetter
Posted by Bud Branstetter on May 14, 2000 at 22:19:03:
You need to know several things. The first is what the divorce decree says. If the wife was in possession then you would likely be able to gain possession from her and rent it out. You could get a lease with option or straight option if you’re not liquid. Doubtful that you could get a purchase money loan. Once you have possession the probate court is going to only be able to sell his portion. You may already have fulfilled the divorce decree by buying her half. Would a judge force the eviction of the existing renters or would he wait until the lease was up? The heirs may now be your partners and have to go to court to partition the property(force the sale). By being in posession you are in a stronger position on negotiating sale terms.
If the husband was in possession and you bought the wife’s interest you would be able to rent it also. If you ownerfinanced from the wife you might be able to collect the whole rent and not split it for a long time.
The other thing you need to know is the laws in your state. If you decide to do it consult with a good attorney.
Re: Opportunity with Probate Property??? - Posted by Robert (CA)
Posted by Robert (CA) on May 14, 2000 at 15:22:18:
Suzanne,
Although I?ve never dealt with probate property, I have read some probate-related material/articles in the past. That being said…
Because you cannot physically split the house, decisions regarding the property will require the consent of ALL beneficiaries/heirs involved; don?t be surprised if those with ex-husband?s half-interest have other plans for the property.
In any case, you might want to check with the estate?s administrator and the estate?s attorney first before making a bid.
Robert (CA)
Re: Opportunity with Probate Property??? - Posted by Suzanne
Posted by Suzanne on May 14, 2000 at 17:35:52:
Probate just started three months ago. I have heard that it can take up to two or three years to settle.
Also, the two heirs of the deceased’s half are not related and live in different states, so I’m sure they will want to sell their half interest in the estate.
Suzanne