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Updated almost 2 years ago,
Motivated seller but can’t afford probate attorney.
Hi everyone,
I found a lady who wants to help her father sell his house. The house is in his and the deceased mothers name. I spoke to an attorney and he said that the would have to open probate. I guess there is some liens that would have to be paid. The problem is the family can’t afford an attorney. My solution is to pay the attorney. But how do I guarantee that they will sell me the property once probate is complete.
The family received some bad advice I'm the past and would just like to get out of this situation. Daughter thinks they have a 170k left on mortgage. I did a quick search on prop stream and ARV looks to be 251k. Property would need a full rehab. It's a 2 bed 2 bath.
I’m not sure how to structure this deal. I’ve been search the forums and found someone suggested 1) A purchase and sale contract that specifies how the transaction is going down, backed with 2) a signed quitclaim deed held in escrow pending the probate action.
What if whats owed is more than the property or if the profit is too small? just want to present all possible solutions to seller. Would this be a short sale situation or can this be a “subject to” deal?