Buying Property from only living heir, did not go to probate.
Hi BP, I have come across a deal for a property where the owner of record on the deed is deceased. My direct marketing campaign led me to the daughter of the deceased owner. There was no will, and the daughter says all other heirs are also deceased. The daughter has tried to sell the property before, I verified with the title company she was working with.
The issue was that the daughter did not have enough money to go through probate. This is what she told me, and this is a new situation for me. The daughter is highly motivated to sell, and there is a potential $19k upside to wholesaling this property.
So how can we move forward?
If i paid to initialize probate on the daughter's behalf, how can I guarantee, that she will sell to me?
I cannot place any lien on the property as the deed owner does not owe me anything. And the title company said, the process to get the title transferred can take up to 6 months.
Could I place the property under contract for over a 6 months, but if another living heir is found, then I could potentially lose out. Any Probate experts out there that have experienced this situation?