All Forum Posts by: Dave Metsker

Not quite that easy, on the power to sell.  You need to review the Probate Court file.  It will indicate the powers of the PR, and if the real property may be sold prior to the end of the 4-month advertising period.  The phrase, "to serve without bond", is found in the body of the will; otherwise, the PR is required to obtain a bond.

@Rick H. 

It all depends on your exit strategy.  Flip some, owner-finance some (this avoids the rental issue).  Mobile homes in parks can often be picked for $3,000 to $10,000, and can be nice cash cows.

PROBATE LEADS; at last there is a reasonable source that is affordable for investors on a limited budget.  Each week the list is updated, providing a fresh list of properties.  These are properties where the owner has died, and there has been a transfer to a family member, or other heir.  These have often been held in a family trust, thereby passing to the new owner without the need for a probate filing.  Many of these transactions will not appear  on  other sources.  Some of these properties will be held by family members for an extended period of time.  Others will be held by family members who are anxious to sell the property for cash.  Contact [email protected], to see if your county is available.  For a limited time, these leads are available for one dollar each, with no minimum order.  Be among the first to take advantage of this special offer today.

Get the quitclaim deed from the cousin.  That will give you "standing" to start a probate, which could be a small estate probate (less complicated, less expensive), or a suite to quiet title.  If I were you, I would do the small estate probate first, if no other heirs can be located.

@Mark Gallagher 

 The life insurance, if any, will go to the designated beneficiary, hopefully it will be the wife.  The probate estate will not close until all assets have been dispersed (which is a benefit that helps my technique).

I agree with Rick Harmon about attorneys.  Many have golfing buddies that are real estate brokers.  Talk with the personal representative, as that is who makes the final decision.

Contact me for skip trace help.

@Randon B. 

You need to figure out your exit strategy in advance; seller carry, cash purchase, subject-to, wholesaling, flipping.

You can call me 10AM to 5PM PDT to discuss the benefits and challenges of each strategy.  Based on your wholesale purchase price, and the amount of the existing mortgage, you may be able to buy out the conflicting interests for a small amount, since they may not really want the property, and do not have the ability to pay the mortgage.

If the adopted children do not respond, there is a legal action that can solve their interests through the courts, but it is messy and expensive.  Best way is to buy out their interests.

There is no time limit for filing probate.  Get the property under contract at the best price you can negotiate, since he/she thinks they can not sell it.  Open a title commitment, since that the "I waited too long" issue may actually be a property tax default.  Contact me if you need help, and do not want to risk the title commitment fee, and for help in moving the purchase ahead at that time.