Found a Motivated Seller - Probate

3 Replies

Hello,

I found a 4 bed 2.5 bath property in a great neighborhood. The sellers are selling the property for their deceased father. How can I buy the property from them since it's in probate and in their father's name?

Also there is a huge crack in the garage floor. The sellers said the concrete needs to be dug up and re-poured with new concrete. Is this something to be seriously concerned about?

Purchase price: $180,000

Estimated rehab expense: $25,000 (just a guess, haven't received an estimate from contractor yet) Mostly needs cosmetic updating. New flooring on the first floor, paint,

ARV: $270,000

Thank you for the help!

Justin,

Have a contractor look at the floor, there are plenty of ways to repour a thin layer over a slab to make it look new. It will be a problem with an inspector if its huge like you say.  It will save a ton to pour over vs ripping out, providing nothing else is going on and you can do that.

"They" are not selling property for the deceased father. Rule no. 1 of probate investing:

Dead people don't care.

You need a seller with the capacity, powers and authority to contract and sell the property to you. 

Basically, you have real estate with a big title issue (needs to file probate to sell) and a structural issue that may or may not be resolved by cut and replacing concrete. 

If you know how to resolve the latter cracked slab/soil stability issues, then the probate issue can be resolved by an attorney experienced in probate matters. Your title company may be able to make a competent referral.

Real estate attorney is a good idea, but usually the Personal Representative is authorized to convey title.

Join the Largest Real Estate Investing Community

Basic membership is free, forever.