Posted by Heather -Tx on October 03, 2003 at 16:30:43:
Ron, you ain’t kidding! =) I think If I learn one thing in REI every day, I’ll still be learning til the day I die, which I am hoping is a ripe 90 or more!
I talked to the seller again, and everything has already went through probate, she is the executor and the home was empty. Then Brother decided to break the locks and move on in. I told her I will still have to be able to veiw the home inside to be able to make her an offer, but she said the brother is very violent.
I told her I would call the local authorities and see what she can do. (I am trying to do the phone stuff for her, so if I do help her get him out by finding out how… so she will still want to sell to me when he is gone, and not try to sell to someone else for more) The cops told me as long as he wasn’t living in the home when the owner died, or on a lease that they could just have a police go with them and have him removed from the property more than likely. They will want to hear his side, of course… and you never know what that will be.
Anyway we shall see how it goes, the ball is in their court now. Has anyone else dealt with an issue like this, and what did you do to try to keep yourself in the deal ?
Kristine- Question on Executors - Posted by Heather -Tx
Posted by Heather -Tx on September 30, 2003 at 17:30:59:
Kristine,
Since I see you answer alot of post having to do with heirs and such, and I am 100 percent CLUELESS! about those matters…
Had a homeowner call tonight about the home of her father that passed away. She is the only executor in the will, but her brother lives in the home and doesn’t want to move.
I have NO idea about probate or anything having to do with wills… sorry to say, and was hoping you might have an answer for me. How does the probate process handle such things, and what would have to be done to have the house open to be sold by the executor. She says she can just sell it now, but it seems to me there might be more to go through ?
Anyone else in Texas that knows any specifics that might make it different here, I would greatly appriciate your input also.
Thanks in Advance, I guess my next thing to learn on is estates.
Posted by Kristine-CA on October 06, 2003 at 07:30:48:
Heather: Michaela is correct in that some kind of probate action will be required. It continues to amaze me that heirs think a will means anything without a probate. Sometimes, the probate can be very simple and sometimes not.
My suggestion would be to use this information to work with the seller–you will solve her legal and title problem–but you will get a good price for it.
It gets tricky working with heirs because you need some kind of doc to tie up the property but you are working with someone who isn’t an owner. Make sure you check with your attorney about what would tie up the property where you are.
Posted by michaela-ATL`1 on September 30, 2003 at 20:28:07:
but I’ve dealt with my share of probate issues.
The daughter can not just sell the house without probate being done. Once that is finished and everything has been published the required time, then the daughter, who may have to post a bond, can sell the property in the capacity of executor.
I really don’t know how they would handle the brother not wanting to move out. Maybe the thought of money will change his opinion?
Posted by Heather -Tx on October 01, 2003 at 09:59:05:
michaela,
Thanks for your response I was thinking along those lines, but I really had no idea. As I said… I think this will be the next thing I tackle in learning.
I’ve learned more, and on so MANY different topics since I started REI… little did I know I’d have to go into so much tax laws,leins,repairs,permits,contracts,salesmanship,foreclosure laws & time limits and on and on… I can’t think of any other career where I would have had to learn so many different aspects. And I’m still loving ever day of it!
I agree with you. Learning about real estate investing is never boring. There is so much to learn that is related to real estate and real estate dealings.
I think your list is only a small part of what one can profitably know in real estate investing. How about geology, geography, measuring the quality of school districts, history, the psychology of property owners, and on and on. I am still learning after over 20 years of being a serious real estate investor. And many other people have posted here to the same effect.
Not to mention the economy, financing, perhaps immigration polilcy, landscaping and plants, pest control, construction trades, etc.
I was thinking along those lines, but I really had no idea. As I said… I think this will be the next thing I tackle in learning.