Posted by buffy tyler on October 24, 2005 at 06:37:35:
gameboy advance cheats amanda bynes jesse jane little april numa numa mary carey paul wall sedu hair styles marge simpson the huns yellow pages
Owner dies -Son has power of attorney - Posted by Sylvia
Posted by Sylvia on July 05, 2004 at 20:54:21:
Can someone help me figure out this scenerio.
Owner dies in nursing home in June, son has power of attorney, doesn’t want the house. I talked with the grandson because I haven’t been able to contact the son. Left my name and message with him and asked him to have his father call me. I haven’t heard from him yet. The grandson told me he thinks his father just let the house go back to the mortgage company. The owner bought the house in 1989 for 47,500 and has paid on it ever since. I don’t think it has ever been refinanced but will check. The homes in the neighborhood are selling between 89,900 and 98,500 on the comparibles. The house is in pretty good shape, just painting and cleaning.
All that to ask this. Because the owner has died, does the house have to go thru probate? and if so is that going to be difficult to get around. If the mortgage company hasn’t started forclosure and I can catch up any back payments would it be better to try to lease option the house and buy it with hard money for cash or would I be able to just put a sales contract on it for the balance of the loan and give 5 or 10K for the son and close in a week or so. My major concern is the power of attorney and probate problems.
Sorry for dragging this on but could some of you experienced in this type of deal help me out. I want to know how to structure this when the son calls.
Thanks in advance
Sylvia
Probate - Posted by Carmen_FL
Posted by Carmen_FL on July 06, 2004 at 21:07:41:
Not an attorney, but speaking to a probate attorney about a similar issue.
According to this attorney, probate must take place and a Personal Representative assigned - otherwise, there is no one available to sign the deed. Once the Personal Representative is assigned by the court, the house can be sold, using a Personal Representative’s deed. The assignment of the Personal Representative can take place fairly quickly (within 30 days); probate itself (in FL) can take more than 90 days, because it may be necessary to post a notice to creditors giving them notice of the probate. From what I’ve been told, though, the property CAN be sold; but the proceeds may have to be held in escrow until the probate process is completed.
I’ll be speaking to this probate attorney again next week (this is a property where both parents died, and although there was a will from the latest decedent (mother), the daughter is not on the Deed - so we’ll be going through a double-probate, which requires original death certificates and wills. In my case, Dad died in 1978; mom in 1996; no probate on either, but since it’s been more than 2 years, a Summary Hearing can be held fairly quickly to establish Personal Representative (named in the Will) and get the process going.
Hope this helps a little. I guess the short answer is, probate is necessary unless the son is on the deed also; then you may be able to avoid it. Which just goes to show … put your properties in trust in case you die, and your kids are stuck having to resolve these issues!
POA expires at death - Posted by SuperCat
Posted by SuperCat on July 05, 2004 at 22:26:19:
Power of attorney allows someone to de any legal transaction that you could normally do. Since the person is dead the power of attorney is useless. It has to go through probate if the title was held in his name. You would have to work through the probate process in the state where the property is located.