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,
Thank you for the help!
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.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing