Posted by mei122@aol.com on October 14, 2007 at 20:36:44:
Thanks for your response. It seems pretty straight forward. I realize there may be some title issues and having a title insurer to sign off will be a hurdle. So would I go to the two sisters and have them sign a purchase contract with me?
Probate Deal? - Posted by mei122@aol.com
Posted by mei122@aol.com on October 14, 2007 at 13:56:02:
A woman contacted me with a house they are interested in selling. The house was owned by her father who passed one year ago. She has one sister. The father died without a will. The lender began foreclosure proceedings. We are in Illinois. The lender also filed a motion to appoint a special representative. The court date is November 22. The balance on the mortgage is $120k. Based on comps in the area, I figure the house is worth around $150k. What should I do? I figure if the “lender” filed to appoint a special representative, the rep will be looking after the lender’s interests and not that of the heirs. The woman wants to basically resolve this issue and move on with her life. What would be a good course of action? Will the lender be interested in a short sale? Please help.
Re: Probate Deal? - Posted by Natalie-VA
Posted by Natalie-VA on October 15, 2007 at 11:30:43:
Are you planning to do a shortsale with this? Otherwise I can’t see the numbers working.
–Natalie
guardian ad litem… - Posted by lukeNC
Posted by lukeNC on October 14, 2007 at 18:17:50:
Is what that is called in our area.
The “GAL” is usually an attorney appointed to represent the heirs (known and unknown) of the borrower who died intestate. The GAL attempts to locate all the heirs. Kinda like involuntary probate. They don’t represent the lender.
Still, you can buy up the interests of the heirs on your own and try a short on your own. I did one of those some years back on a property that needed a ton of work. I think the lender didnt want to foreclose and take the property it was so despicable. I did my own public records research and bought up the interest of the heirs, 2 daughters and a son for $100 each. Got a local probate attorney to do the dirty work and ended up making a nice profit when all was said and done.
Big problem with this type of intestate deal is making sure you can get the title insurer to sign off on your sale. Whatever they say goes…
Re: Probate Deal? - Posted by mei122@aol.com
Posted by mei122@aol.com on October 16, 2007 at 03:51:30:
Definitely.