Mother (owner) DIED before she signed contract but...

[Kyle King]

Property: Small MH park
Price: 50% Appraised value

I'm in the middle of very interesting distressed sale on a MH park in Texas. It seems that the owner of the MHP is a little old lady, who had given total control of the park, to her son. The son has run the property into the ground and is going to lose the MHP to foreclosure next month, unless he sells it. Paying up on the loan is not an option.

The son has power of attorney for his mother and the MHP. This gives him total power to manage the park, collect rents, pay bills and sell the MHP if he wishes.

I approached the SON a couple months back about buying the MHP, since I had found that he was going to be foreclosed. He wanted to sell ...but was looking to CASH out at a maximum amt. Not just roll over and give the property up (sign over deed).

In the last week, I brought the SON a verbal offer for the MHP that met his number and on the same call, he informed me his mother had got sick and was going to the hospital. I asked him about a will, if things turned worse. She/he did not have a will (at the time). (This was Sat-morning.)

On Monday, I call back to discuss bringing over a 'written' contract. When we met, the SON informed me that his mother had passed away over the weekend. (sad) He then told me he had a will that was signed on late Sat-nite....that gave him 100% ownership to the MHP. (2 witnesses and a notary signed the will, as well.)

So...I presented the contract and he signed it as the new owner, not as Power of Attorney. .......and then I called my lawyer.

I'm getting advice from my lawyer and things may not get 'clear' until the foreclosure happens. So I might lose the MHP to the bank.

I have the CASH to buy the park. What I don't know is...can the SON sell it? OR Can I get sued by 1 of the SON's 8 siblings if I buy it from the SON? (Yes...9 kids!)

So.....BP network....what do you have for me?

Looking for advice.

Kyle

[Don Konipol]

What I don't understand is that if you are getting advice from your lawyer why are you also seeking answers to legal questions on this forum? Do you not trust your lawyers advice?

In any case an inheritance must go thru probate before ownership can change. As for the foreclosure, if the title to the property is in a deceased persons name (rather than a seperate entity) then foreclosure can not occur until after probate (a dead person can not be foreclosed on!).

Sounds likely that if the siblings detect any equity in the property they will challange the "Saturday night will". And with the pressure of foreclosure off, the heirs will likely seek market value. In all likelyhood your contract is worthless.