Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago on . Most recent reply

User Stats

21
Posts
6
Votes
Tommy Vise
  • Florence, AL
6
Votes |
21
Posts

Vacant House with Deceased Owners-->Questions

Tommy Vise
  • Florence, AL
Posted

I found a Vacant property that is about to be foreclosed upon.  The house owners have both died and no probate has been done yet.  The heirs (3), of the property are wanting to sell it for the payoff to keep their parents name from a foreclosure.  The mortgage owed is $44,000 & the back payments are around $4,000.  The assessment is $89,000.  After speaking to the attorney, the people that are owed any money can put a lien on the home for up to 2 years, regardless of who owns it. 

*****Question: Can I:

1. catch up the back payments, 

2. get the owners to Lease purchase/"Subject to"  the property to me for two years, 

3. I pay the mortgage company the payments, 

4. sub Lease the property and

5.  buy it after two years

If I am missing something, let me know.  If you know of another way to do it, let me know.

Thanks, Tommy V.

Most Popular Reply

User Stats

4,311
Posts
3,998
Votes
Jerry W.
  • Investor
  • Thermopolis, WY
3,998
Votes |
4,311
Posts
Jerry W.
  • Investor
  • Thermopolis, WY
ModeratorReplied

@Rick H. nailed it pretty well.  You need some kind of probate to be able to buy it.  If all the owners are deceased only a court can transfer the title.  Some states have simplified proceedings below a certain amount.  In Wyoming the amount is $200K.  Good luck

  • Jerry W.
  • Loading replies...