Seller Financing on a probate property?

Question

Hey Everybody! I have a question concerning probate homes and how to convince sellers to seller finance. I have a potential deal in the works, and the sellers have inherited a lake house that is a PRIME candidate for a flip. There are a few siblings, so I'm wondering if it is possible to still seller finance given the fact that there is joint ownership? If so, how does that work exactly? Thank you for your response!

Account Closed · Answer

@Daniel Beaulieu it's possible and I've done it. What I have found is that most heirs have already spent mom and dad's money in their mind, so in turn that makes negotiating seller financing difficult. If you do have heirs that don't have a need for the money, but instead a need to close up the estate then there may be an opportunity for seller financing. Do warn the seller though that carrying the note through the estate will keep it open. The odds of getting 4 heirs to each owner finance their 1/4 to you are pretty low. Maybe 1 or 2 of them would do it. To answer the other question, how do you convince a seller to finance it to you. That's very situational and comes with experience. I like to make it an option to them after we have agreed on a price. Seller financing make most sellers nervous, but if you've already gotten the contract signed and built  raport with them then asking for it later is a bit easier to do. Good luck!

Dan Beaulieu · Answer

Thank you so much for the reply! I'm not hopeful but I'll at least try to show them how it can make them more money. Good advice :)

Mark Pedroza · Answer

@Brian Gibbons could assist you with this. He's very knowledgeable on seller-financing. I'm sure in the past he's come across probate issues.