Hand Shake loan with investor, He Just Died, What do I do??

[Deanna McCormick]

Here's the situation. a friend asked me what to do...  Here's the situation. 

He worked out a personal loan for rehab project with a friend, the basic terms were as soon as the project finished and sold, the proceeds would be paid back time frame flexible but about 12 months.

The deal was a handshake and the friend that fronted the money recently died, very unexpected, he was not married, no kids, his brother called said he is handling his estate, and is wondering about the deal they had together.... He'll says he's handling probate for the deceased, but that takes several weeks to get appointed. Since the deal was basically silent and not much paper trail the brother is fishing for info. 

Intentions are to pay the loan back but house is still in work and not yet on market so how would you suggest he respond when the funds are still tied up. 

This ever happen to somebody out there ??

[Tiffany S.]

I would be reluctant to respond with specifics. People get unreasonable when it comes to money and deceased relatives. I would just say we had a hand shake deal and that I still intend to follow through with it. The work is still in progress and you will get back with him when the property sells (as that was the agreement). I would consult with an attorney on that one.