Real Estate Broker · Miami, FL · Member since 2018 · 236 posts · 99 votes
6y
@Renee B. If the property is schedule to be auctioned off it most probably is in a foreclosure state and the bank is going to foreclose on the property since they hold the First Lien on the property. Regardless if you transfer title now or transfer title before the auction date it does not mean the auction will stop. You are better off bidding in the auction to acquire the property.
@Renee B. If you want to finance it you can. Loans to buy are offered on the Miami site and other parties. There’s plenty of options on the site for lenders.
If several of you can show good credit or hold assets why not approach the bank directly?
Thank you all for you input greatly appreciate it.
If there is no will then a administrator will have to be appointed by the court preferably a family member who will represent the estate and then would be known as the personal representative.
The PR would then petition the court for Letters of Administration to have legal capacity to sell the property..
Rental Property Investor · Olympia, WA · Member since 2012 · 543 posts · 311 votes
6y
@Renee B. and @Wayne Brooks"Can the siblings sign the contract or do they need to get permission from Dade County?"
The siblings can contract to do whatever they want with their interest in the property (sell, lease, abandon, or grant their interest to another). They do not need permission from anyone. In saying that, "Without probate appointing a Personal Representative, no one has the legal right to sell....the heirs don’t own it." -Wayne is correct in regard to legal title. However, bear in mind that legal title is a function of equitable title.
Unless the property is foreclosed, the sibling heirs have an "equitable" interest in the property which a court will recognize. The heirs can sell or transfer (give away) their equitable interest whether the property is probated or not. Transfer of equitable interest can be done in multiple ways, the simplest is likely to be via a one page Quit Claim Deed.
Thus if you acquired just the equitable interest of all siblings, and you could negotiate with the foreclosing entity to stop the foreclosure, you could then use the property as your own. You would have acquired all the equitable interest. You could then put it through probate to get clear title, or just rent it, or even resell it without clear title. Usually sale of real property without clear legal title results in a dramatically lower sales price.
The equitable interest of the heirs is controlled by the Florida Statute of Intestate Succession,