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Updated almost 10 years ago on . Most recent reply

User Stats

382
Posts
123
Votes
Mary lou L.
  • Investor
  • Wichita Falls, TX
123
Votes |
382
Posts

What to offer on house (California) It was appraised for certain amount after Owner passed away

Mary lou L.
  • Investor
  • Wichita Falls, TX
Posted

Hopefully I will explain this clearly.

My mother passed away in 2013. She was married to my dad. She had a home in her name (she was the only one on the title)

There was no probate because there was no will.

House was appraised for a certain amount. Heirs were to receive portion of proceeds if sold.

Heirs quit claimed their share to father. (There were other properties as well they held in joint tenancy, this particular property was not changed to joint after they remarried)

He is only one on deed.

If house was appraised at certain amount at time of her death, does that mean the house has to be sold at that amount?

Trying to come up with a price to purchase this property from my father.

Do I need to come up with a new appraisal? And do I need to involve the title company/lawyer  at this point?

I'm going to present it as an owner finance, but I want to make sure I have the proper paperwork, and price.  If I were to refinance can I do this with the owner finance paperwork? Can you explain how I do this?

Do we just take the contract to the county to be recorded? And do I need to go through a title company to change the deed?

Im really trying not to stress about all this..since this will really be my first owner finance purchase.

Thank you so much for your advice!

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