Posted by Bill Gatten on April 05, 1999 at 17:14:38:
A 3rd Pty co-bene land trust conveyance could get the property to you, avoid probate, avoid DOS violation, protect you from the sellers legal problems (and them from yours), etc.
Let me know if I can help.
Bill
Seller in nursing home - there’s a deal here somewhere! - Posted by DaveD (WI)
Posted by DaveD (WI) on April 05, 1999 at 10:49:10:
Here is a situation that is fairly typical: Vacant house, out-of-town relatives now have power of attorney. Real don’t-wanters. House is free & clear, but needs a little paint, carpet and roof (figure $4000 total). Paint/carpet should be done right away, roof can wait until cash-out closing time. Not junky enough for all cash steal. 70k ARV, assessed for 61k, can purchase/strike for 54k. POA doesn’t need cash (but doesn’t want to do repairs either), and is leery of land contract, or L/O because they figure their parent will be dead within 1-9 months. Afraid of probate complications. Willing to rent, L/O, or contract, but only until he goes onto his heavenly reward.
How can I convince him I can help him out, but need a longer (2+ years) backdoor for tenant/buyer? Or am I missing something more obvious? Thanks to all for your help!