Selling Partial Ownership Without Probate
The property is owned equally by the ex-wife and the deceased.
The widow has 1 minor child with the deceased.
Both ladies are in agreement to sell quick at a very reduced price of 55% of FMV.
I intend to have them deed the property into a Landtrust.
The ex-wife is ready to sign the docs, but I was told by the Title Company that the widow has to go through probate.
Worse, that the ex cannot sign over her 50% to me without this issue being resolved.
For reasons of her own the widow refuses to go through probate, and was convinced by an "expert" that the house can be sold without her going through probate.
Does anyone know of an alternative way to get this done?
My main concern is getting Title Insurance when I retail the property.
Thanks in advance.
Hello?..... guess know one was in the business back then
a long one is better then none. thanks
couldnt this loss be replicated, if you payed cash, and have no mortgage payment?
275,000 investment home, gives a $10,000 deduction every year for 27.5 years?
... cause i got 1,000,000 in my back pocket
the land is not depreciable. you would be able to generate about 8k in depreciation.
Depends on your state law (and unfortunately I am not familiar with this aspect of GA practice). In some states you must forclose on Agreement for Deed in others it is the same as a tenant eviction process.
This is tuff not knowing the term of the agreement for deed.
If the deed contains a power of sale clause you will have to follow, some vary strict guidelines such as mailing a foreclosure notice by certified mails with return receipt 15 days before the foreclosure sale. The notice must be published in a newspaper with a circulation in the same county as the property for at least 4 weeks.
If you do not have a power of sale clause, you will have to file a lawsuit to get a court order to foreclose.
Keep in mind that in most cases with a Judicial and a non-judicial Foreclosure the property will be auctioned off to the highest bidder.
This link will help provide some great information
http://www.legis.state.ga.us/cgi-bin/gl_codes_detail.pl?code=1-1-1
It is vary suggestive that you hire an attorney to handle this case for the simple fact that if the foreclosure proceeding is not done properly your case can be set aside for legal review and if you made any mistakes in the deed, finance document or the foreclosure proceeding you could loose the case and the property.
If you can find a 3rd party to approach this person and offer to bail this guy out by say a subject to or other creative strategy and take control by way of deed and than reassign the deed back to you may be able to avoid all this.
Personally I would just go visit this guy and let him know that you have no choice but to foreclose on the property and to save all the hassle and embarrassment of this process offer him a Deed in Lieu of foreclosure. Even if you have to pay him to do it.
[addsig]