Hello I have a lead on a house I'm looking to buy long story short the house has gone into Pre-foreclose and now has an assigned trustee.. I now suspect the house will go through probate even tho no aires are interested in the property (Out of state) Now that the 90 day window has passed how long does the probate process take? is it even necessary if No aires hire a lawyer to take a clam to the property?
Hi. Someone has to file probate. If no heirs file then it won’t go in to probate. Is there equity in the house? If so, strange they don’t want to file as being out of state doesn’t make it much different. Likely outcome is bank will foreclosure and sell at auction or take property.
Have you seen a probate record to suggest it has been filed?
@John Slater well.. there is an assigned trustee and the 90 day window has passed... would the fact that an assigned trustee exist imply that it would go into probate anyway? I guess I’m going to to continue to be patient.. Just wish I knew dates
that depends on a number of things. Often a month or so.
If you're sure the title of the person is "trustee" as opposed to "executor" (if the person left a will but not a trust) or "administrator" or "personal representative," (both titles for the person who would administer things if there was no will) then I think the owner had a living trust, because they would have named a trustee to just take ownership of whatever is in the trust. If that's the case, there's no probate. Their trust would have said who gets the property or what to do with it. So, sounds like in this case, the trust said so and so could have the house or they could share it or whatever and they all said they don't want it, so go ahead and sell it.
So, you're probably just waiting for whoever was appointed to be the trustee of the trust to put it up for sale now. If you can contact the trustee directly, they'd probably welcome an offer.
I just created mine, so this stuff is fresh. My mom's estate is currently in probate hell, so I'm learning a lot about this stuff.
As I recall, you don't have to record the full actual trust with the county, but it's possible they did. Maybe you could pay for a title search or go to the clerk's office yourself and see if the full trust was recorded. If so, it will tell you who the trustee is.
A trustee is appointed to handle the foreclosure, versus administrator for a probate. Could it be the foreclosure trustee you see?
@John Slater Yes! During a recent call they were basically waiting to hear from the Lender on further instructions..
@Simon Ruiz, There are other options to waiting for the bank to foreclose. One is to acquire a Quit Claim Deed from the heirs (since they are not interested in the property). Then rent the property while you negotiate with the trustee to bring the mortgage current or to obtain a short sale. Renting the property will produce some cash flow, and allow you to work on putting the property through probate to get clear title; or you could just rent it for 3 years, then file a quiet title action to obtain a court order granting you clear title.