I recently had a neighbor pass away suddenly, who left behind two sons. One of the kids is autistic and is being "fostered" by another neighbor of mine. The older brother is apparently stationed in Germany and was left the house when the father died. Apparently the mother is not in the picture and has issues of her own to deal with. Now mind you this is all gathered from the neighborhood gossip machine, but the son that got left the house wants nothing to do with it and has no intentions of going back. The house has never really been taken care of and if the lot is any indication of the inside, it will need updating. Has anyone ever tried to secure a deal with someone outside of the country? I know this poses some challenges and will slow the process some, but it should work the same correct?
It's all the same, except for more expensive FEDEX, and "notarizing" is done at American Consulates. More importantly, does the son actually have the right to sell the property yet. Probate started?
It's all the same, except for more expensive FEDEX, and "notarizing" is done at American Consulates. More importantly, does the son actually have the right to sell the property yet. Probate started?
thanks for the reply, Wayne. I would imagine it has, because the father passed away in May? of this year. I just heard about the son not wanting any parts of it this morning so it got the gears turning in my head and obviously haven't spent the time to truly digest the situation. Probate usually takes 6 months or so depending on the assets and debts correct? Is it too early to approach the situation at hand? I mean i don't want to touch on an obviously sore situation too early, but I also don't want to miss out on a potential deal. I know sometimes people aren't thinking straight when these things happen. Would it be best to try and find the lawyers involved, or try and contact the kid directly?
I'd first determine if there's equity in the property before investing further time, money and effort. Then, you'll know whether attempting to contact and perhaps negotiating with the son is worthwhile.
You need to know first know if you're trying to buy equity or cash flow (rental) at a discount so you'd have some perspective on what a bargain would be to you.
Probate doesn't come into the picture until which time title is transferred.
Rick, I certainly agree that it speculation at this point. I suppose my original question was merely curiosity as to how the seller being overseas would affect the deal and if it would be a show stopper right from the beginning. But you are certainly correct that the equity plays a major role in how the potential deal would be struck. Thanks for the input! I love being able to bounce ideas off of other people that are far more advanced in the game!
The biggest issue I see, other than the true wholesale value of the property, is whether the son in Germany has a valid will that leaves the property to him alone, and if so, does the son in Germany want to give something for the care of the autistic brother. There are ways to deal the probate, once the family issue is decided. One additional consideration is whether the autistic son receives Medicaid benefits, and if so, would a large cash windfall cause him to lose these benefits.
Dave, you certainly bring up some things to think about. I will have to do some digging on the matter. The last thing I would want to do is compromise anybody's welfare.