Possible Flip - But the owner is Deceased

13 Replies

I have a potential flip and the number look good, the problem is that the owner has passed and the son has the signed Will. The WIll states that the property is to goto the son and another person. The son has not executed Will because he cant pay the attorney fees involved. How can I tie up this property? My goal is to purchase and flip. 

Thank you for the help

Harvey,

How much are the fee's he needs to pay to the attorney?  

Is it not possible that the attorney could do what is needed to help you get this property and then take their fee out of the proceeds from the son?

Curt

Thank you for the quick reply. He does not have any solid numbers on the attorney fees just estimates. I will call my attorney today and get some numbers. What Im trying to accomplish is a contract to tie up the property so nobody else can get it. Since it is not legally his I dont know what I can do. Any thoughts?

No probate, no transfer. 

Hard to say whether your prospect would be best to get appointed PR, executor in this case. 

I have a court hearing at this very moment (!) appointing me admin of a decedent's estate. I hope this is my last one (after 15-20?) and intend to use Prof fiduciaries in future.

So, yes, it is possible to work such a deal. 

You also have to get the other person named in the will on board with your plan of course.

Don't forget you will have to deal with the decedent's debts (known and unknown) if you try and purchase the beneficiaries' interests and you apparently have two of them. 

In CA, Attorney (and PR) fees are determined by statute: 4% of first $100K DOD value, 3% of next $100K, 2% of total value of remaining total assets, up to $1MM, I believe.

It's all about gaining and maintaining control. 

Thank you Rick. How can I find out what debit the deceased has?  

Send me a PM. You probably don't have to be concerned about the debt if you are only buying the asset (real estate) from the PR.

Hi Rick, Sorry Im new Probate, what is PM?  Thank you

Contact me directly on this one.  I did a similar probate, and saved the estate thousands of dollars.  I might even be interested in acting on your behalf as the personal representative, so you retain control.  If you turn it all over to the attorney, many times he/she will not always act in your best interest as an investor purchaser.  You can reach me at [email protected].com.

Thank you Dave, If I can get this tied up I will contact you.

PM means "private message"

Dave sounds pretty desperate to talk to you and apparently is willing to promise you a lot. 

I was just trying to be helpful since I, too, am in Orange County and am well known to the probate legal community. Not trolling to do your deal.

@Harvey Gronwald   If you get the property tied up why would you send the contract out of state?? Which of the 58 counties in CA did Dave do a similar probate?? Me, I'd be scratching my chin.  Rick Harmon is in your own backyard and as an investor he's looking out for your best interest. Log on to his website for more information and read the testimonials...

Attorney's fee's will be be debited from probate case after "Final Distribution" (CA probate code 10830-10832) is filed by the PR and then ordered.

Regards,

Mark (N-CA) 

Sac/Placer counties

@Harvey Gronwald  

The probate I did was in Pomona, Los Angeles County, and I acted as personal representative for the decedent's family.  The estate value was over $900,000.00.

Dave, of course, knows that the Pomona courthouse has been closed for some time due to the court consolidations in Los Angeles county. 

I've had a number of probates in Pomona, no less than 60 or 70. Judge Buckner has a great sense of humor and pulled me into chambers once on a contested manner and told me a joke that, in essence, told me how he'd rule rule on a particular matter. 

Alas, my case was the punch line. 

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