NEED HELP WITH FIRST WHOLESALE DEAL-PROBATE ISSUES
I have a property (vacant about 4 years) in probate with some title issues. There are no heirs and is being handled by an estate atty with the assistance of a RE broker. There are $5k+ in back taxes owed. The estate atty/RE broker are working to determine an asking price. Ok, the fun part: According to the RE broker, the probate issues stem from a reverse mortgage taken out by the deceased. At death, the mortgage balance was $0 but then the mortgage company attempted to foreclose alleging that they paid the deceased almost $500k. There is no proof of any payments to the deceased and judges have repeatedly ruled without prejudice for the estate but the mortgage company has continued to appeal. The title company won't offer title insurance until there is a ruling with prejudice to keep the mortgage company from filing in the future and any heirs from coming forth later. The house itself is ok but there is are some big ticket items that must be addressed to make the property whole. Such as the pool, it has cracks and popped up; the dock must be rebuilt; new a/c; kitchen needs makeover. Structurally, it actually looks ok. Input? Suggestions? I think there is potential as it's in a desirable neighborhood and not in overall bad shape. I just need to know how to make this work. Thanks!