Posted by M. Osterman on June 26, 2007 at 07:18:00:
John,
Not too sure what state your in. Probates seem to have their own snails pace about them. You may have to pass on this as an investor, but you could show the estate ( and be a hero to the attorney ) if you refer a business that offers loans to estates. Or you could offer a loan to the estate for a piece of the pie. One company here in California I know that does that is The Suburban Group ( www.closeprobate.com ) although California based, Rick Harmon may know of someone in your state that could help.
I was attempting to do a short sale with Chase on a house I am buying in probate. It was a small short sale of 10k. However, the 10k puts it 10k above the price I am willing to pay so I might as well be off by 100k now. Chase told me they would not even consider a short sale while it is in probate. I have never heard of such a thing. I do a ton of short sales but not a lot that are also in probate. Is this typical or is there some other avenue I can take? If I do not get the short approved I can not buy it and it becomes an inslovent estate and the attorney will pull out and off it goes to the auction. Other than going to the auction (which is obvious) any suggestions?