All Forum Posts by: Account Closed

Hi Raden,

I'm pretty sure the Medicaid claim can be negotiated down. I would have the home owner (administrator) call the Medicaid claims department and tell them the patient has died and that the home has no equity. Say that they may let it go to foreclosure or sell it at no gain, except for the fees the administrator earns, which is around $10,000. Would they be willing to take the $10k and call it even? You know, something like that will do. It's not a lie, since there really isn't any equity and the when it is sold the administrator will get paid their fees. You might be surprised. I would give it a try, at least. You can even do something along the same lines with the fees and penalties on the reverse mortgage, but that will be a tough road to travel. It's worth a try.

I might have misunderstood you question with me earlier answer. I'm not a lawyer, nor am I giving legal advise but, It's not at the courts discretion to decide whether the administrator of the estate estate should have full authority, or not.

The court “shall” (i.e., must) grant the requested IAEA authority unless it determines that an objecting party has shown “good cause” why the authority requested should not be granted. [Prob.C. § 10452].

One way it could be denied is if there was and objection filed and the objection has to meet the good cause standard. Of course, there my be a bond and the administrator would have to qualify for the bond and depending on the size of the estate, it may be a large bond, at that. If the administrator is ordered to have a bond and can not meet the bond qualifications, that might be another reason for the estate NOT getting full authority.

I hope that answer helps. Good luck, Brian.

look on the letter of testamentary. There will be a box checked staying full authority or limited authority. It's found in the middle of the page. 

Hi David, I'm not sure what you're looking for? Anything I can do to help, I will. There is a ton of information on this site regarding probates. What is it I can help you with?

Hi Raden, a reverse mortgage is just like any other mortgage and would have to be paid off, not refinanced. All of this would have to be done by whoever is on the loan. If the borrower is deceased then the estate can do it. Usually, reverse mortgages on properties in probate are paid off through the sale of the property. I hope that helped answer your question.

Hi Alvin,

Your attorney gave you some sound advice. There really isn't any way to tell when the best time would be to do your mailing. I'm do a lot of probate real estate sales. I work for several different attorneys in the Los Angeles area. The attorney will contact me to give them a valuation of the property, so he/she has a good understanding of the value and usually submits that value to the courts during the Inventory and Appraisal of the estate. So, I usually know of these properties to be sold, months before they hit the market. It gives me time to talk to investors, even thought I don't have the listing, yet. When I do get the listing I usually have a buyer or two lined up and we get it into escrow the day it is listed. What I'm trying to tell you is that I think earlier is better. Let it be know that you are interested in the property. Send the attorney a letter stating your financial ability and time frame. Believe me, you may not hear back form the attorney, but he will pass on that information to the listing agent. You want to get in the game early. For example, I am the Realtor in Los Angeles for a fairly large estate. I've know of these properties for months before I listed them. I contacted an investor in the area and got 8 of the properties under contract to the same investor 2 months before the estate was ready to list them. I brought them an offer they couldn't refuse. Also, from my experience it helps if you add a few things to you marketing, such as, you are an all cash buyer, can close escrow form 10 days to several months, depending on the estate (they may need time to clear the property of tenants) and you are willing to take the property in its "as is" condition.

I hope this helps you and anyone else that reads this.

Brian

No, both parties (mother and uncle) have to both agree to sell it and both will have to sign the listing agreement. It will not be a legal sale if only one of them sign the listing agreement and get it in escrow.

Hi Susan,

What is a probate auction? How is it possible? I think you are mistaken. Can you give me the info to where probate auctions are held? I know the judge can order it sold, but it wouldn't be an auction. You may be right, but I've never heard of a probate auction. Can you share the link?

Thank you, Brian

Hi Phil,

When you see that the attorney of the estate is also the administrator, that usually means that one of the heirs, who is the administrator is also acting as the attorney pro per. That just means they want to handle the probate without having to pay an attorney. However, they then get paid as the administrator and attorney. I think this is a good situation, actually. Anyone and everyone you need to speak to is just that one person. You might want to go visit him/her at their address that's listing in the file, but it's more than likely their home address. That's not bad, but you may find it difficult to track them down, since they may be at work, or something. Call them and just ask what they plan on doing with the property. The will more than likely say they're not interested in selling and want top keep it. After a little time goes by, they find out being a landlord or taking care of a property when there isn't much funds, is not what they thought it would be. What I'm trying to say, they may say they don't ever want to sell, but don't be surprised if they change their mind within the first 3 months or probate. Don't give up on them, even when they say no. Keep sending them their mailer and maybe an occasional phone call. I've got several listings from attorney pro per and administrators that have said they will never sell. Don't give up. I hope that helps a little. Brian