Hi, I'm looking to wholesale 2 deal that has a missing heir about 4 of them. I've been in contact with one of them and he can't find the others but want to sell it and he has been the only one paying the taxes on the property for 9 years. It there any way for him to sell me the house or for me to wholesale it with the missing heir? He was saying something about putting it in the local paper and wait for a response from missing heirs? Something about that doesn't sound right to me. Any help would be greatly appreciated! thanks in advance.
There's a couple of routes, but make sure you really are dealing with the "heir".
- Seller can file adverse possession suit, get title, sale the property, and keep all of it.
- Seller can file a partition and sale suit, and keep part.
- Seller can sale the property, keep his/her portion, and put the rest in the registry of the court. Let the missing heirs collect at their leisure.
You can buy an option to purchase the property at today's price. Option fee goes to attorney's fees. Figure a retainer in the $3K-5K range.