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Updated over 7 years ago on . Most recent reply
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Probate Experts Help!
Let me start off by saying I am new to Probate investing, but not new to Real Estate investing.
Here's the situation
I found a woman through a friend who's husband past away 3 years ago without a will and he has 2 properties that he left is his name only. 1 was his primary residence where he and his wife lived and the other is a 3 story 8 unit building (Currently 50% occupied). This is in the state of New Jersey btw.
She was living in the primary residence until about a year ago then she decided to buy another property in her own name with the proceeds from her husbands life insurance policy. At that point she stopped paying the taxes and the mortgage. The house is currently in the pre forclosure stage for the mortgage. She in her own words wants to "untangle" herself from any properties that the husband has and start over from scratch. I told her that the I was interested in both of the properties and she wants me to take them, but I'm not sure what steps I should take next. Both properties have a great amount of equity in them. She would sign them over to me now, but I told her that there's a few things that need to be done first.
By the way, I should mention that the husband did not have a will, and she is the executor for the properties.
My question is how can I take ownership of the properties? Any advice will be greatly appreciated.
Most Popular Reply
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I would have to piggy back off of @Evelyn Villa with her point of there being a need for a probate case to be opened up first. Maybe look into speaking with both a real estate attorney and a probate attorney. And if you already have a good relationship with the prospective seller I would look into referring her to a probate attorney. It might be a good idea to look up a few probate attorneys and interview them to not only assist the seller but also build a new lead source from the attorney. I've done something similar to my suggestion and now I am the ONLY investor that this particular probate attorney works with in regards to helping her clients with their any properties held within an estate that need to sell.
This can be a situation where you can accomplish both closing this deal and setting up a new lead source essentially killing two birds with one stone. Good luck and let us know how things go. Looking forward to reading about your progress. God Bless.