When One Seller Dies
...
and they're both on the deed. What is necessary to transfer a deed?
Here's the situation-
Husband is in nursing home, wife is dead. ALL proceeds from this sale must go to the nursing home. It's some Medicare program. (My great grandfather is in the same situation.)
Proceeds from the sale of any of the contents are all theirs to keep. I offered them 5K for the refrigerator and couch (what can I say they were beautiful, LOL), and 10K for the house.
ARV=45K
15K Purchase price (I mean, uh... 10K)
Needs 15K in work
Profit=10-15K
They LOVE that they will actually get some $$ out of this, they thought they'd get nothing.
So, anyway, does the property have to go through probate? The daughter said that she works for lawyers and they told her no, but I'm getting a second opinion (thanks in advance).
And what do you think about my deal?
Sam
:-D
My parents lived in a community property state when My Dad passed away. Mom's signature, and a copy of the death certificate were all she needed when she sold their place.
Check Ky for deed information, I do not believe it is community property state.
If there is a Conservator appointed when they put the hubby in the nursing home, he handles it all. There probably was an assignment of all assets just to get him in the home. The furniture is your play point and that is how you can divert a few bucks to the family.
Sounds like a winner. I assume this is somewhere in the rural portion of the state? If not I am tempted to migrate to Ky.
Lucius 8-)
I'll have to check into the community property thing. Thanks.
The house is less than 3 miles from downtown Cincinnati, Ohio. It is in an obviously less than perfect neighborhood, but the houses down here are very cheap. It's a very safe neighborhood, but just a little on the poor side.
The twist to this is that the city has been in the process of buying out all of these houses (for the last 15 years) at appraised value (45K in my case) to raise the overall appeal/value of the city. Most of the other houses are valued at 80-120K for very nice, historical houses.
I think I'm going to put no more than 5-7K into the house and rent it until the city buys it. I can make 20-25K on a house I have 20-25K into.
Double the pleasure, double the fun, double your money!!!!
Thanks for the posts.
Like $CASH$ says, I only do sub-to, unless it's a really, really good deal, then I get out the checkbook. :-D
Sam
Kentucky is not a community property state.
I contacted my Title agency, and they told me that all I needed to do was make sure the deed was written up "with joint ownership and right of survival" then all you need is a death certificate. That way if 1 person dies, the survivor becomes sole owner without probate getting in the way.
.
It was written up as such, and I close on this property at the end of next week. Hope my first rehab is fun
Thanks.
Sam
Good job, Thanks for letting everyone else know how it turned out.
Jeff