Posted by Ed Copp (OH) on February 18, 2001 at 13:09:52:
was taught in seminars by (the late) Nick Koon. I have never tried it, partly because of the concerns that you mention, and because it would have the possibility of tying a substantial amount of cash for an unknown length of time. It would have to be a super sub wholesale deal to get my interest.
Update on Deal - Posted by Josh MA
Posted by Josh MA on February 17, 2001 at 20:25:20:
Talked to the Seller that i’ve been working on this deal with and He backed out saying that there was 4 other Hiers involved with this Property so i’m assuming the Original Owner Died and Left this Property to Family in a Will so he backed out of accepting $250K cash for the $409K house So now i need to think of a way to Deal with All 4 of the Hiers to this House and Get them all satisfied and Me satisfied with having done my first Deal…So any Suggestions would be a Great Help!..
Price $409K
Comps: $400K - $425K
Upscale Nieghborhood
Have’nt Done Title Search Yet doing that Tommorrow
Please Respond with With Suggestions on Structuring a Deal Like this Thanks in Advanced!
Re: It really depends - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on February 17, 2001 at 20:44:57:
on whether or not you have some ready cash or if you are depending on financing.
If you have or can get some cash, do this. Start talking to each of the heirs seperately. Try to find the one who wants some cash now, and wants to be out of the deal. You can buy the interest of one of the heirs, and then the others will have to negotiate with you to get the estate settled.
This could become unplesant, or it may not. You might end up purchasing the interests of all the heirs, one at a time for a good price. Likely as not there will be one heir who will not be reasonable. If push comes to shove, so to speak; one of the heirs (that would also include you if you have bought someone out) can force a partitian sale of the property. You might then have to buy the property on the court house steps, bidding as one of the heirs.
Or you might be able to buy out one of the heirs with a note, creating an income stream for them. It would be worth a try.
Re: It really depends - Posted by JD
Posted by JD on February 18, 2001 at 12:56:33:
Buying the position of an recent estate heir seems quite risky to me. Claims from heretofore unknown creditors could significatly reduce the value of the Estate. Have you purchased an Estate position in this way? If so how did you research and/or protect yourself with regards to potential creditors? Also, How do you get the names of the other heirs (most Estates are not public record)?