Can I legally put a property under contract on a wholesale deal if the its a probate property? And is there any surprises that I should be aware of when dealing with probate property?
it's legal only if the property is out of probate.
Make sure ty let every hoer know about the sale or it will blow up at the closing table.
@Ray Jimenez I would not be concerned if all parties are in agreement and moving in the same direction. The real issue is if your principal can pass marketable title.
I'm not sure where the other poster is getting his information, however it is quite possible to close during probate if your principal(s) have sufficient capacity, powers and authority. Your closing agent, escrow or title company's representative will be able to review your seller's documents and tell you if your executor or administrator has power needed to complete your intended transaction.
I might mention that pre-probates don't make very good candidates for wholesale deals, IMHO.
I stand with @Rick H. 100% on this. If all the heirs are in agreement, the personal representative should honor your contract, and transfer the property to you, when it is authorized by the court.
So as a wholesaler, what do we do when there is more one owner on title and we do not want for the deal to "blow up" at the closing table? It is my understanding you or the seller can try reaching out to each of the other owners and get them to somehow agree to the sale.
Any suggestions on how to talk to or how to negotiate with the other parties on title with a vested interest in the property and what documents would we need to have them sign in order to make the deal work?
@Javier Osuna If you're buying and closing CA deals, you know that closing occur when the paperwork is all together. Parties fin typically meet up at a closing as in other states that favor attorney closing rather than title company and escrows.
When people can't get together and agree, then you can either wait and follow up when they can or buy fractional interests.
I could write a book on dealing with pieces and it's never pretty so you'd better get a whopping super bargain.
Got it Rick! Awesome. thx. :)
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