Pre-probate wholesale deal
I am a wholesaler in LA County and got 2 leads in my pipeline and need some guidance on one of them.
ARV 180K
Repairs 30K
Assignment Fee 15K
MAO PP 81K
The property was owned by join tenants (biological father and step-mother). I am communicating with the biological daughter of the father who pre-deceased the step mom 14 years ago. Step mom passed away December 2017 and the property's been vacant ever since. Both did not have a will. Mom's side of the family want nothing to do with the property, however, they have the interest/control over the property since step-mom died after dad. Also, an NOD is tagged on this property as of October 2018.
Property needs to go through probate in order for daugther to have the right to sell the house. This is where I have a few splits in the road. I've interviewed multiple probate attorneys and found 2 I can comfortably refer her to. I also know a flipper who I met at the courthouse who specializes in probates. The spread isn't big enough for him to JV up with me but he's "willing to take it off my hands" and shoot me a referral fee.
Is anyone in the los Angeles/ Antelope Valley/ Palmdale / Lancaster area interested to JV up on this deal?
What would you do given this situation?
The big one is: How do I know she'll sell to me when this is all said and done if our original p&s agreement becomes null and void once she becomes the PR? How can I gain control?
Most Popular Reply
Extend the contract term to the sooner of 1 yr or 60 days after court confirmation (if thats the case). Also consider getting the flipper to walk you through the deal for the experience. 50% of a deal is better than 100% of nothing.