Please help! May have found my first wholesale deal

Please help! May have found my first wholesale deal

Investor · St. Louis Mo · Member since 2015 · 211 posts · 129 votes

I don't want be one of those guys who just expects all the answers to be given to him. But I really could use help with this one.  I asked the city inspector for a list of condemned properties in my area and have mailed and tried to contact as many owners as I can.  I had my eye on one specifically but could not for the life of me get in touch with the owner.  Finally I contacted them through Facebook today and they are extremely motivated to sell. 

Both parents are deceased and the property is sitting vacant with 2' grass (city keeps fining them $500 for cutting it).  I talked to the daughter and she said her other siblings want nothing to do with it and it's just costing them money. The problem is, she says its still in her parents name and they don't now what steps they need to take to even sell it.  And I am just as clueless as them.  

If the property is still in the parents names, who do they need to contact to be able to sell the property to me? Really appreciate the help!

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  • Miami, FL · Member since 2011 · 200 posts · 42 votes
    11y

    You need to contact a probate attorney to facilitate the transfer of the deed. Ours charges us court costs up front (about $500) and gets paid an additional $1,000 to $2,000 once the property is sold. 

  • Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
    11y

    Use my PETIO format to reverse engineer the deal:

    PROPERTY

    EQUITY

    TITLE 

    INTERESTS

    OPPORTUNITY

    The heirs might be willing yo assign their interests to you. If you need to ask how to do that, you will do better by referring to someone in your area with experience.

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