I found a Vacant property that is about to be foreclosed upon. The house owners have both died and no probate has been done yet. The heirs (3), of the property are wanting to sell it for the payoff to keep their parents name from a foreclosure. The mortgage owed is $44,000 & the back payments are around $4,000. The assessment is $89,000. After speaking to the attorney, the people that are owed any money can put a lien on the home for up to 2 years, regardless of who owns it.
*****Question: Can I:
1. catch up the back payments,
2. get the owners to Lease purchase/"Subject to" the property to me for two years,
3. I pay the mortgage company the payments,
4. sub Lease the property and
5. buy it after two years
If I am missing something, let me know. If you know of another way to do it, let me know.
Thanks, Tommy V.
@Tommy Vise What you need is someone who has the capacity, title and authority to sell to you. That's what probate makes possible.
All your other points are possible and no different than any other distress sale by a living, natural person.
@Rick H. nailed it pretty well. You need some kind of probate to be able to buy it. If all the owners are deceased only a court can transfer the title. Some states have simplified proceedings below a certain amount. In Wyoming the amount is $200K. Good luck
THANKS for the advice!
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