James:
Why can’t the estate SELL the properties to you (and the other heirs who want to own them) and also agree to finance that sale to you all by taking back a mortgage? The mortgage if structured correctly and properly can then be immeditaly converted into CASH proceeds that would be payable to the estate by selling the mortgage. (we purchase these all the time).
The end result is that you get into the property with financing in place, no points, and limited qualifying to go through, and the estate STILL gets CASH.
NEED HELP and ADVISE FAST - Posted by James Fitterer
Posted by James Fitterer on October 27, 2000 at 14:32:03:
I am new at this web site and to the computer operation as well!
My mother passed on july 25 . I live in a smallcottage paid for! taxed at $28,000. It needs work most of the materials are waiting to be installed. the other home is a 2-story red brick,6 rooms,full basement, a large back yard. It is taxed at $59,000. She owed $10,660 on it. My sister the executor of the self proved will,talked with the bank, they agreeded to let me pay the payment. I thought it was a morgage payment, but she has the 1st morgage payed off. She has a total of $30,000 in credit card debt etc totaling to $40,660. I payed for the funarual expenses . The will states that all debts be payed from the sales of the properties and whats left split between 4 heires . Three of us want to keep the properties 1 does not.The judge swore my sister in as executor, he said talk to the bank and pay the bills and buy one out. I have 18yrs experince in construction and 5yrs in HUD maintainence , all the major and minor repairs I did my-self. Could you please point me in the right directions to make this happen for us. I am willing to work hard!! To make this work ! We don’t have much money due to the amount we put into materials . My mother agreeded to go partners in this real astate venture just prier to her death, she was willing to use her good credit to help me get started. Many family members are couting on me!! I don’t want to let them down. I am a fast learner don’t give up!! If you could be so kind to help us on any advise or infomation TO point us in the right direction we would be forever GREATFULL and eternally THANKFULL.
Re: NEED HELP and ADVISE FAST - Posted by Ed Garcia
Posted by Ed Garcia on October 28, 2000 at 22:40:25:
James,
Although your answer seem obvious, there are some things I’d like to know such as who would be the suggested borrower etc. My suggestion in order for us to expedite this is for you to call me at my office Monday morning. My number is, 909-944-0199.
I’ve been down this street many times. So just stay cool James,