Inherited property about to be auction off

[Wosey Yeaney]

Hi everyone, 

I am new to wholesaling and really need help with this one.   I have a potential wholesale deal (my first one) with a seller that inherited a property after his father died a few years ago.   His sister nor him changed the title of the property, therefore, the title is still under his deceased father's name.    The seller currently lives at property, however, it went into foreclosure proceeding and an auction is scheduled for the end of November of this year.    

1. How do I go about getting the state( Illinois) to change the title prior to the auction date?

2. Can I have a contract with a seller that is not legally in possession of the property?

3. How can I delayed the auction if time is needed for title change?

Thank you,

Wosey Yeaney

[Rick H.]

Welvome to the BP online forum community.

You really ought to complete your profile, upload a face pix and consider upgrading to Pro account unless your a "wantra-prenuer."

First of all, the state of Illinois does not change title. While state probate laws control transfers of assets, in particular real estate, local superior courts and local rules of court dictate the implementation of laws.

What you have is an intestate (no will) pre-probate opportunity in risk of foreclosure.  I've worked literally hundreds of deals exactly as this! 

However, they are not favorable to wholesaling (or wholesalers). 

It would be necessary to get an administrator appointed on an emergency basis "ex-parte" to obtain a Court Order authorizing the completion of the deal you envision. And, I may add, you will mist like need to be the end buyer. 

You need a seller who has capacity, powers and authority to pass marketable title.

Judges hate intermediaries unless they have skin in the game or are a licensed professional fiduciary.

Did you check for equity? Is there another play?