Owner Dead with no Will - How to proceed - Posted by Joe

Real Estate Investing Real Estate Law
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Posted by dealmaker on December 16, 2005 at 16:23:54:

Whoops, I just re-read your original. If it’s in foreclosure there must be a mortgage, sorry. The only way to get it prior to the trustee’s (sherrif’s) sale would be for the heirs to be pretty quick about it. Since they’ve sat this long I’m guessing there’s not much there.

dealmaker

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Owner Dead with no Will - How to proceed - Posted by Joe

Posted by Joe on December 16, 2005 at 14:04:25:

I have found a house in foreclosure that I want to own myself. The owner and his ex are on the note.

The owner died last year and there is no will. He has three living brothers and I have found one of them. The owner was divorced in 2001 yet the Ex never signed a quit claim per the decree. I know where to find her.

My question is - who has the right to ownership and does his estate have to be probated. Can the brothers just sign a QC to me? (one already has).

Thanks
Joe

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Re: Owner Dead with no Will - How to proceed - Posted by dealmaker

Posted by dealmaker on December 16, 2005 at 16:20:42:

There is a will, it’s the one written by the STATE.
Right of ownership varies depending on what state the ppty is in. In some scenarios the ex (are there kids?) could be the owner.
Yes, the estate will need to be probated. I’m suprised the Surrogate’s Court (or Probate Court, depending on your state) hasn’t started a proceeding.

Is there any debt on the house?
Is there any other debt and assets in the estate?
The answer to these may tell you why the siblings and ex have ignored the problem. In my experience when there are NET assets in an estate, the relatives can be counted on to be (1) prompt, (2) aggressive, (3) plentiful.

good luck
dealmaker

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Re: Owner Dead with no Will - How to proceed - Posted by Joe

Posted by Joe on December 16, 2005 at 23:55:52:

Thanks Dealmaker,

The property is in OK and the ex is also named as a defendant in the foreclosure. There is a first (~$125K) and second (~$15K) mortgage which I am in the process of buying for $4K-5K. The property ARV is $175K-$185K. There is around $15K in cleanup and repairs required.

There are no kids or parents. There are 3 brothers and the Ex which gave up the property in the divorce 4 years ago.

The dead guy, ex and the brothers have had problems with drugs and are not the sharpest tachs in the box. They didn’t want the property because of the back payments and debt involved.

I do not know why the state has not become involved. There are no other assets in the estate.

If all else fails I will buy the house at the Sale as the second mortgage holder.

Thanks

Joe in OK