Please help with first deal! - Posted by Jack N

Posted by Jack N on August 22, 2003 at 17:24:13:

Thanks Kristine,
Here are some details:
Owner of the house passed away and the daughter want to sell it, but people told her that the house has too much owed against it.
The property is in the name of the person that died.
Besides the mortgage and tax liens there are no more liens.
What is probate and how do I start one?

Please help with first deal! - Posted by Jack N

Posted by Jack N on August 20, 2003 at 22:43:03:

I found an old boarded up house that the owner (old lady) passed away.
After contacting the daughter I learned that she is under impression that there is too much owed on the property in order to sell it. I tried to convince her to call the bank and try to get the payoff sum, but she just gave up on it.
Town already is in the process of getting the property taken back since nobody is paying taxes for 10 years.
My question is: Can the daughter just deed me the property even though there are liens against it (I will try to negotiate payoff amount with the bank that has the mortgage on it to and then pay back taxes). If not, what should I do before town takes it?
Please help.

Re: Please help with first deal! - Posted by Kristine-CA

Posted by Kristine-CA on August 20, 2003 at 23:30:02:

Jack N: daughter may be in no position to deed anything. If the only owner is dead, a probate action of some kind is likely needed. A deed from the daughter in these circumstances would be worth very little.

Do some research and find out what names are on the deed. And if there are any liens besides the tax lien. There are many ways to solve these kinds of issues but you gotta know what you are looking at. There are several people who post on this board who like to brainstorm on vacant/abandoned and probate property problems. Find out some more details and bring them back here. Sincerely, Kristine