Deceased Owner...nice House...HELP!
I have found a nice house with a deceased owner. None of the family members or persons named in the will are interested in the property (two persons total) but I can’t get them to assign the interest in the estate to me so that I can attempt a short sale with the lender.
The will has not been probated and probably won’t be since no one has an interest to do so. The house is headed toward foreclosure and I’m trying to figure a way to get it before then. There’s about $20,000-$30,000. I don’t have any competitors at this point since the information on the heirs is hard to find. Any ideas on how I might make a deal here?
Offer to buy the mortgage at a discount instead of a short sale. Then you can continue with the foreclosure or start a new posting.
Good LUCK and Thank You
Hope this helps some
Ted Jr
I had something similar. Do the people want ot sell the house? I got a contract signed for a short sale by the personal representitave of the estate...(it had never been probated)...and an authorization to realease. I called the lender and said the owner was deceased and that the heirs wanted no part of it...I got the sale....
Hope this helps...
There is not much motivation for the heirs since it is not their credit on the line and they obviuosly do not think that the house has much value or they would be asking for foreclosure assistence. Paying them a couple of dollars might go a long way.
I bought a great historic house whose owner had passed away. The house was in foreclosure. It had been probated and the Per Rep did not care about that "outdated house" and did not care to help me since it was not his credit. Per Rep and heirs are usually over whelmed and the thought of helping a stranger buy a house that they believe does not have much value is tough. The will had been probated and there was an attorney for the estate. Short Sell went out the window since there was an attorney. So I paid the Per Rep 5k, let the attorney do the close, took title, and still made a chunk of change.
Brenda
I am a newbie. Pardon my question if you think it is stupid. However what is the difference between personal rep and heirs.
I am in a similar situation. The owner has passed and has left a will to his son. What other info I need to know before I get the contract signed by the son.
Thanks
how about an "option" and split the profit ...mcldavid
Try to approach the lender with a proposal to assume the mortgage and transfer it to your name.You may have to get the ok of the probate judge.Since the parties involved have no interest you shouldn't have a problem.