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Updated over 2 years ago,
Deceased subject to purchase?
I have an older long time friend who just sadly passed away, and his family has no interest in his property and wants to just walk away and let the bank have it. I am looking at possibly trying to purchase the home Subject to and getting Due on Sale insurance on it to protect myself as I don't have the money to pay off the mortgage right now. My question is how would I subject to the home from someone who is deceased? Involving the estate how would I be able to purchase the 3/2 home with attached garage without the family going through the headache of dealing with the property . There is no will and they don't want the financial responsibility nor can they afford to pay taxes on the property. What are the legal loopholes and steps I would need to go through to make this deal work. The amount of equity in this property is enough where if the bank sold it I would expect to pay 4 times easily what this deal and rehab would cost me now if, making this deal not worth it, and the family doesn't care and has no skin in the game.