Investor · Philadelphia, PA · Member since 2014 · 10 posts · 0 votes
Hey BP,
This is my first post I'm from Philadelphia P.A. There was a recent death of my neighbor. The cousin of the deceased has no interest in the property and wants to sell the property to me for $1. The problem is that the property is actually in the grandmothers name who is also deceased. I believe the property is owned free and clear. What do I do next? Should I get the property under contract? Does it need to go under probate?
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
11y
The cousin may or may not have the ability to sell. You need to resolve the ownership. If there is a will, a beneficiary deed or some other mechanism that transferred ownership then you need to find out who the owner is and work with them. If there were no preparations done ahead of time the property will need to go through probate. Its the property owners death that matters here. I think you're saying the neighbor and grandma are two different people. If so, the neighbor's death may or may not be relevant.
Investor · Round Lake, IL · Member since 2015 · 41 posts · 17 votes
11y
Thanks for your continued help Kristine!
The good news is, I hired a skip tracer and got the info for the heirs. No need for another visit to the court house.
Wow! Double probate? Medicaid? This estate stuff is nuts. I can't believe how much there is to know. Thank you so much for helping me thru this. Do you take tips?
So if they had medicaid, that delays the process? Or how is it a deal breaker? Are you saying that the medical bills would be higher than the equity? Do you just pass on deals instantly when you see medicaid?
The good news is, I hired a skip tracer and got the info for the heirs. No need for another visit to the court house.
Wow! Double probate? Medicaid? This estate stuff is nuts. I can't believe how much there is to know. Thank you so much for helping me thru this. Do you take tips?
So if they had medicaid, that delays the process? Or how is it a deal breaker? Are you saying that the medical bills would be higher than the equity? Do you just pass on deals instantly when you see medicaid?
Remember you also need the wife's heirs, not just the decedent's. They are not always the same, especially if they had no children. When a spouse dies and there are no children and no will, the surviving spouse (or her heirs) get half, and the decedent's siblings or their heirs get half.
Medi-caid debt usually has to be paid as many court require that the state be notified during the probate. The debt is often greater than the value of the property where I am.
For sure the decedent owned the property in his own name, and not with the spouse?