PROBATE REAL ESTATE ACQUISITION
I'm working on a property whose owner has passed and is in limbo at the moment. I talked with his daughter to see if the property transferred to her or any spouse or siblings, in which case she was not sure. I looked the property up and it's still listed under the deceased home owner's name. How do I go about finding out the information I need to possibly acquire the property?
Take it to title....they can help you and guide you
#1 All Forums Contributor
- Investor
- Virginia
Quote from @Donyelle Keith:
I'm working on a property whose owner has passed and is in limbo at the moment. I talked with his daughter to see if the property transferred to her or any spouse or siblings, in which case she was not sure. I looked the property up and it's still listed under the deceased home owner's name. How do I go about finding out the information I need to possibly acquire the property?
Ask the daughter if they ever filed for probate? If not, then they would need to go through that process which will be a very lengthy and slow process.
@Chris Seveney I'll definitely discuss that with her. @Kerry Noble Jr if I go that route wouldn't the daughter then have to open probate on the property incurring extra legal fees to do so? She might have to anyway but what are the pros and cons doing it that way you suggest. Thanks for your answers also!
#1 All Forums Contributor
- Investor
- Virginia
Quote from @Donyelle Keith:
@Chris Seveney I'll definitely discuss that with her. @Kerry Noble Jr if I go that route wouldn't the daughter then have to open probate on the property incurring extra legal fees to do so? She might have to anyway but what are the pros and cons doing it that way you suggest. Thanks for your answers also!
if borrower is deceased they cannot transfer the property without going through probate. if they QCD it to you, you will not be able to sell it or get financing on it as it would not have clear title
Quote from @Donyelle Keith:
@Chris Seveney I'll definitely discuss that with her. @Kerry Noble Jr if I go that route wouldn't the daughter then have to open probate on the property incurring extra legal fees to do so? She might have to anyway but what are the pros and cons doing it that way you suggest. Thanks for your answers also!
In my state it depends on the value of the under a certain amount, you don't have to go through probate.....you just need the heirs......
Quote from @Donyelle Keith:
@Chris Seveney I'll definitely discuss that with her. @Kerry Noble Jr if I go that route wouldn't the daughter then have to open probate on the property incurring extra legal fees to do so? She might have to anyway but what are the pros and cons doing it that way you suggest. Thanks for your answers also!
That's why I said take it to title.....they'll know those guidelines