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Updated over 7 years ago,
Possible Deal if I foot the legal fees, etc. for starting Probate
Hi, I have found a property that was sold in a tax sale, in the state of MD, not in B-More City, found out that the person died in the house, also the only family member that knows is someone in FL.
THat family member has not opened probate, upon further investigation. I found out that the dead guy has a child out of wedlock where they went to court for Alimony, a few years back. Found out the child is a Minor. I have found the Mother but I have not called because I'm not sure what role is of benefit to me in order to get the house. The guys sibling might want it but he doesn't want to pay the back taxes, I spoke with him directly and he is thinking of buying the tax lien from the Investor who bought it during the tax sale. It is too much for my pockets (after all this site says, "Bigger Pockets", not: "ALREADY HUGE Pockets"). Well I think I can convince the Mom to sell me the house at rock bottom price as long as I foot the bill for legal fees and any debts. I've done my due diligence, on all aspects, medical, financial, liens, etc. It works out for me. Any money in the bank that he has will be hers. As I said all I want is the house.
Am I wrong to look at this as a win-win situation for her and for me? I mean this dead-beat dad never gave anything to her, and his family doesn't seem any better. I want to offer to pay all the legal fees associated, any liens and give her a certain amount (around $20K) yes I know that is pittens but I have to pay off the liens, legal fees to start probate, not to mention the costs of repair, and I don't keep or want to keep any of the actual $$ in any bank accounts or stocks he may have. It calculates to a good amount I have to spend, but still a good price for a house. She gets money she didn't even know existed and if she doesn't do it with me, well that's my worry. Do you think she will get greedy with the newfound info? I know she has a loan for a condo she got back in 2015, it would help out with that... Fear that she will hang up on me and lose $$ due to my lack of wording makes me paralyzed to act! :|
If any of you have done this, enlighten me oh great ones!
If you haven't, still any advice would be good... What do I say to her? What contract should I do to get the house bequeath to me before paying legal fees? What contract should I have with her? Should I offer to be PR? Is that even a possibility? Does she get to sell the house that the heir is her minor aged child?
THANKS FOR ANY AND ALL ADVICE!!