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Updated over 5 years ago on . Most recent reply

User Stats

72
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37
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Trey Crusey
  • Real Estate Agent
  • Birmingham, AL
37
Votes |
72
Posts

Need help with deal - Deceased owner no heirs

Trey Crusey
  • Real Estate Agent
  • Birmingham, AL
Posted

I've done only a handful of normal wholesale deals before and still consider myself new but this one is a little different for my anyway. The details are:

The owner was trying to sell his house but passed away before it was sold. No heirs. I've been talking to the person he named executor of his will who just wants to get rid of it.  They rented it out while trying to settle his estate. Tenants trashed the place, carpets are disgusting, holes in walls, etc.

Mortgage on the property is around $61000. Rented for $900 but i just checked and 3br's are going for $1200-1300. He wants $70k. 4bed/3bath (1 bed and 1 bath is an attached mother in law suite with its own kitchenette) ARV im estimating to be around $170-180k. This is in the Grayson Valley / Center Point area of Birmingham AL.

My question is really what should i do here? Traditional wholesale? Subject to? They seemed willing to sign the deed over to me. Getting some analysis paralysis with so many things going through my head and could use some help. 

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