From the BiggerPockets Blog

 BiggerPockets Blog »

Jump to Forum View All

Click a category below to view different forum categories.

BiggerPockets

General Info

BiggerPockets Q&A, Site Questions, & Announcements

1505 topics, 14368 posts — Last Post 04/16/14, 08:15PM

BiggerPockets Exclusive PRO Area

116 topics, 837 posts — Last Post 04/16/14, 04:46PM

New Member Introductions

10852 topics, 85303 posts — Last Post 04/16/14, 08:51PM

Real Estate Success Stories

392 topics, 6102 posts — Last Post 04/16/14, 05:35PM

General Real Estate

General Real Estate

Buying & Selling Real Estate

5908 topics, 46597 posts — Last Post 04/16/14, 08:49PM

Renters

641 topics, 5798 posts — Last Post 04/16/14, 08:44PM

Get Foreclosure Help - Help Stop Foreclosure Forum

316 topics, 2557 posts — Last Post 04/16/14, 03:58AM

Home Owner Association (HOA) Issues & Problems Forum

237 topics, 1608 posts — Last Post 04/16/14, 04:51PM

Do it Yourself

653 topics, 6258 posts — Last Post 04/16/14, 05:42PM

Reviews & Feedback

Real Estate Deal Analysis and Advice

3658 topics, 29326 posts — Last Post 04/16/14, 08:44PM

Real Estate Guru, Book & Course Reviews and Discussions

1129 topics, 11533 posts — Last Post 04/16/14, 08:08PM

Ask About A Real Estate Company

736 topics, 7287 posts — Last Post 04/16/14, 08:11PM

Real Estate Investing

Real Estate Strategies

Wholesaling

5587 topics, 43656 posts — Last Post 04/16/14, 07:58PM

Rehabbing and House Flipping

3322 topics, 30901 posts — Last Post 04/16/14, 08:32PM

Real Estate Development & New Home Construction

551 topics, 4678 posts — Last Post 04/14/14, 01:02AM

Innovative Strategies

699 topics, 5992 posts — Last Post 04/16/14, 04:12PM

Tax Liens, Notes, Paper, & Cash Flows Discussion

863 topics, 6654 posts — Last Post 04/16/14, 02:24PM

Rent to Own a.k.a. Lease Purchase, Lease Options

690 topics, 4864 posts — Last Post 04/16/14, 06:15PM

1031 Exchanges

143 topics, 1052 posts — Last Post 04/16/14, 05:39PM

Foreclosure Investing

General Foreclosure & Pre-Foreclosure Forums

1686 topics, 11281 posts — Last Post 04/15/14, 03:20AM

HUD, VA, and Tax Sales

414 topics, 3087 posts — Last Post 04/16/14, 06:02PM

REOs

1212 topics, 10563 posts — Last Post 04/15/14, 01:08PM

Short Sales

1533 topics, 13117 posts — Last Post 04/15/14, 07:10PM

Landlord & Tenant Forums

Landlord & Rental Property Questions

7188 topics, 70542 posts — Last Post 04/16/14, 08:33PM

Mobile Homes & Mobile Home Park Investing

636 topics, 5127 posts — Last Post 04/15/14, 09:59PM

Investor Basics

Starting Out

7679 topics, 60294 posts — Last Post 04/16/14, 08:48PM

Investor Psychology

430 topics, 6092 posts — Last Post 04/14/14, 06:53PM

General Real Estate Investing

4711 topics, 37150 posts — Last Post 04/16/14, 08:41PM

Real Estate Investor Marketing

1728 topics, 14076 posts — Last Post 04/16/14, 05:33PM

Commercial Real Estate

Commercial Real Estate Investing Forum

1408 topics, 8975 posts — Last Post 04/16/14, 08:32PM

Multi-Family and Apartment Investing

1101 topics, 9165 posts — Last Post 04/16/14, 12:58PM

The Business of Real Estate

Real Estate Technology and the Internet

Real Estate Technology, Social Media & Blogging

638 topics, 4883 posts — Last Post 04/15/14, 01:41PM

Business Basics

Goals, Business Plans & Entities

828 topics, 7527 posts — Last Post 04/16/14, 08:32PM

Real Estate Finance & Legal

Financial, Tax, and Legal

Tax, Legal Issues, Contracts, Self-Directed IRA

2781 topics, 19979 posts — Last Post 04/16/14, 06:35PM

Property Insurance

309 topics, 2041 posts — Last Post 04/16/14, 02:16PM

Personal Finance Discussion

328 topics, 2713 posts — Last Post 04/16/14, 07:12PM

Loans, Mortgages, Credit Lines

Private & Conventional Lending Discussion

2824 topics, 19664 posts — Last Post 04/16/14, 07:05PM

Creative Real Estate Financing

1207 topics, 8759 posts — Last Post 04/16/14, 03:55PM

Crowdfunding Real Estate

35 topics, 455 posts — Last Post 04/14/14, 02:14PM

Real Estate Professionals

Real Estate Professionals

Real Estate Agents

1205 topics, 7950 posts — Last Post 04/16/14, 08:10PM

Bankers, Lenders, and Mortgage Brokers

440 topics, 1917 posts — Last Post 04/15/14, 07:37AM

Contractors

263 topics, 1663 posts — Last Post 04/16/14, 05:49PM

Local Real Estate

Local Real Estate

Local Real Estate Networking & Recommendations

1983 topics, 11572 posts — Last Post 04/16/14, 07:43PM

Americans & International Real Estate

161 topics, 566 posts — Last Post 04/14/14, 11:19AM

Foreigners Buying in the USA

62 topics, 409 posts — Last Post 04/10/14, 06:27AM

Canadian Real Estate

64 topics, 426 posts — Last Post 04/16/14, 08:34AM

Marketplace

Real Estate Marketplace

Real Estate Marketplace

14985 topics, 53862 posts — Last Post 04/16/14, 08:29PM

Real Estate Events and Happenings

162 topics, 2442 posts — Last Post 04/16/14, 05:59PM

Off-Topic

Off Topic

Off-Topic

2902 topics, 32399 posts — Last Post 04/16/14, 03:07PM

Housing News & Real Estate Market

914 topics, 8346 posts — Last Post 04/16/14, 08:48PM

BiggerPockets Real Estate Investing Summit

97 topics, 1751 posts — Last Post 04/10/14, 02:27PM

BiggerPockets Resources

BUYING INTESTATE PROPERTY

4 posts by 3 users

Signup

· Las Vegas, Nevada


Looking at a deal (?) that presents some interesting twists and turns I've never encountered. So, before I go to counsel and hit them up on this one, I thought I'd run this one by some of who will hopefully shed some perspective and/or experience. I have no idea how this one's going to play out.

Here are the facts:

- owner recently deceased; has no will (died intestate)

- I have been told, but have not confirmed, decedent has zero surviving kin. So, I have NO IDENTIFIABLE SELLER. State law mandates however, if there's no kin in which to heir the property, it would escheat (transfer) to the State. However, since (without a short sale or trustee sale) the liens on property exceed the value, how is that going to work? Even so, assuming we reduced (via short sale) the balance of the loans to market value, it would still require a buyer for the minimum of the reduced loan balance in order to transfer title out of the estate. Why would the State even bother?

- as of now, the property remains in the decedent's name.

- property has been homesteaded which may affect other issues!

What I don't know is how the probate court will proceed with this and who will be appointed/authorized to sell the property,

Ideally, the probate court's administrator would allow my realtor and I to negotiate and submit for short sale to dispose of it to avoid foreclosure. How else is the court going to liquidate this asset (assuming there's no kin of the deceased) without appointing a realtor to short sell the property? Just let it go to foreclosure, I guess? What's the difference to the State, if they have nothing to gain either way - unless the loans become null/void if the decedent has no kin? If so, then this is a no-brainer for the State.

Perhaps, I should try and contact the lenders?

:roll:



Real Estate Investor · South Carolina


Intestate estates can take a long time to probate. Two years is not uncommon. Chances are the property will be foreclosed before probate closes.

Since the deceased can't transfer title, the probate court (or the court appointed executor) will have to sell you the property. Your first call should be to the probate court to see if the court has appointed a representitive.



Real Estate Attorney · Naperville, Illinois


It's partly state- specific. I doubt it would escheat. Very, very few individuals have no heirs. Short sale is the route to go. The administer of the asset will likely abandon the asset if the property is under water



· Las Vegas, Nevada


Thanks, guys. That confirms what I thought. Got to get ahold of the probate court and see what we can do.





Sign up