Probably going to go through the full probate process with my seller soon after the appraisal will most likely come back over 150K. My seller is sole heir, no brothers/sisters children etc and is executor of her moms will which also states my seller to be able to do whatever she wants with the home. I have seen people stating that the courts are putting certain percentages on the appraisal and that the property would need to be sold at this price which is not accurate. My seller wants to sell to me and me alone already and understands the appraisal process, price etc. Can the courts intervene with her wanting to sell her property at our agreed price no matter what the appraisal states. Or are we going to have to wait for the full probate process to be complete and the deed to be into my sellers name??? Our lawyer doesn't see a problem with her selling it to us while in probate. Thoughts people......
Delends on you executor's powers and whether attorney filed under IAEA authority.
Even with Full powers there are situation which can affect or restrict the ability of the PR to sell to you under market however you are not likely to encounter those unless a Will contest, secured or aggressive unsecured creditor or the judge requires your PR to be bonded and unable to satisfy the bond company underwriter (only one company and the owners are my friends).
There are ways to overpay and still make even more that you would if a cash fix and flip deal.
Rick!!!! How the hell are you!! Thanks again for the info. This probate stuff is a little confusing and yeah it kinda sucks when you feel your control over the deal dwindle away somewhat. Learning a ton over the last few months in this business, had a couple deals as well and I'm hooked!! Do you have any suggestions on books for me or website stuff on probate? Just the basics of probate, nothing too creative. I'm still working with that guy who has been trying to get quiet title on that property as well. Interesting stuff to say the least! Looked up some cases on John Carr and that guy was crazy!! Did some down right dirty adverse posession stuff. Anyways, thanks again Rick, I'm off to the firehouse today.
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