Repository Sale - PA
I am looking at a property for a repository sale in Wayne County, PA. Both owners listed are deceased (first passed on 2013 and second in 2017) and from NJ. Doing some digging I found that their home in NJ was foreclosed on by the bank which would lead me to believe the estate was insolvent but I can't find any record of the estate going through probate. From reading prior posts it seems I may be required to pay inheritance tax on the property, is that correct? Any other potential pitfalls I should be aware of?
I am going to have a title company research and tell me what I would need to do to make it marketable once I drive by the property this weekend. The obituary I found did list a daughter and granddaughter, which is how I know both owners are deceased. Any potential challenge that can be made by the descendants? Based on the timing it seems the taxes were past due before the second owner passed, so he should have been notified. Should I check to see if descendants were notified?
The property is in a private community and I spoke with them and they stated any past dues would not be collectable. I intend to use the property as a vacation home/rental. Given prior advice I will not be doing any major improvements for at least a year. My hope is that I can take possession of the property and simply wait for the inheritance tax statute of limitations to expire (which I understand to be 20 years + 9 months). Also hoping to avoid contacting the descendants if at all possible. Seems I could wait 10 years under the new rules in PA and assert adverse possession down the line.
I know this is a lot and could be very tricky but if the property is in decent shape I plan to hold long term, so I am hopeful I can avoid some of the headaches that come with a tax sale.