Subject to in Foreclosure & Probate

[Scott Wagoner]

I've one many subject to deals and I've purchased many of Foreclosures...but I have not done many probate.

Here's the skinny:

Last payment was made Oct 1st 2014...owner died October 19th 2014, the ladies mother put the house up for sale and got a contract on it....then someone stepped in and told her that the her grandson is the actual heir to the property and that it needed to go through the probate process first before it could be sold. So they cancelled the contract that they had to sell and started the probate process, then today she called me and said that she would be willing to just sign the house over if I would catch up the back payments.

Mortg. Balance is $175K ARV is $225K Move in ready. payments are $1100 a month and 8 months in arrears as of June 1st plus the attorneys fees for the foreclosure that was just filed.

I'm assuming I would need to wait for the probate process to be complete and then the house would be in the grandsons name (who by the way is underage), and then the grandmother who would then be legal guardian would then have the right to to what she wants with the property...does this sound right or is there other steps that can be done?

[Wayne Brooks]

We don't know if there was a will, and if it appointed the mother as the guardian.  The specifics of this case will dictate.  If she doesn't have the legal power to sell, then she can't sell the property.