Buying a house from an estate sale

Buying a house from an estate sale

Fishers, IN · Member since 2016 · 57 posts · 9 votes

BP Community - give me some ideas here:

I found a house listed on Craigslist listed as an estate sale. An older man passed away, did not leave a will and now his kids are having to sell it as an estate sale. The seller told me they have to sell it at the appraised value which is $80k. This figure would not make sense with the amount it would rent for. The house also still has a loan on it (amount unknown right now - working on finding that out) which the kids have been paying on.

I need to get this house substantially below $80k but it seems like the lawyers of the estate or whoever is handling the estate won't allow that to happen. I need to get it at around $48k-50k max. The seller I spoke with seems pretty motivated to sell it because like I said they've been making the mortgage and utility payments on it and they have no use for it. Any ideas here BP community or is this pretty much a lost cause?

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Investor · Colorado Springs, CO · Member since 2015 · 252 posts · 131 votes
10y

If they will not budget on the price, walk away, there are many deals out there.

Allen Fletcher 

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  • Investor · Colorado Springs, CO · Member since 2015 · 252 posts · 131 votes
    10y

    @Joseph Leonard

    Make them an offer at a price that works for you. The worst they can say is no. They will probably counter you and then you can negotiate.

    Allen Fletcher

  • Fishers, IN · Member since 2016 · 57 posts · 9 votes
    10y

    @Allen Fletcher what they are saying is the estate will only allow them to sell it for a price that is equal to the appraise value which is still way high. 

  • Investor · Colorado Springs, CO · Member since 2015 · 252 posts · 131 votes
    10y

    If they will not budget on the price, walk away, there are many deals out there.

    Allen Fletcher 

  • Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
    10y

    Give them a written cash offer with a quick close .  tell them the offer is good for 90 days  , sit back and wait  . What the lawyers wand and the other sibilings want has no bearing on what you offer 

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