I have my eye on a house that is owned by a trust. The trustee passed away. I found that there is a "successor trustee". The man claims that he is not the successor and wants nothing to do with the house. I offered to pay a cash token if he would sign the house over quit claim. He then reaffirms that he wants nothing to with it nor is he responsible in any. An attorney informed me that he is the successor. Also, I found out the tax bill and other bank statements on the house is being sent to his address. The successor is a pot head. Yet he won't do anything. Do I have any chances on scoring anything here?
You need to see the Trust and when and how the successor is appointed, I suspect the attorney claiming to be, actually is. You will also see in the language of trusts where someone may be named as trustee or successor, you'll also see where it will say "in the event of their inability or refusal to act" successors are named, you can not force an unwilling named party to act simply because they were named. At that point the attorney will usually step in, if not it could fall under state law for administration. Usually, not always but usually, these situations end up as a dry run wasting your time, unless the attorney says it's for sale, I suggest you eye another property. Good luck. :)
Kinda what I thinking. We have proof of who the successor is but he won't do anything. I assume the taxes will continue to go delinquent and then the county will sell it after 5 years of delinquency.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing