How might I save this probate deal?

[Griffin F.]

Hey BP,

I am working on this particular probate deal that is seemingly falling through my clasp.

In this situation, the seller is in an administrative position. There is a lien on the property, so property sale is subject to probate approval. The seller and I have verbally agreed on a sale price, but there is not much value to that at this point.

The seller does not want to pay attorney fees, which is not covered for him - so, he is relinquishing his right as administrator and handing over the property rights to the state.

What I'm trying to figure out is how to best position myself to close this deal with probate court. I have yet to experience a situation such as this, so I am a bit uncertain.

I talked to the seller about drafting a P&S with a contingency subject to probate approval, but they're uncomfortable signing anything without an attorney, which they can't afford and won't be getting. Catch 22, huh.

The seller has intentions to provide the court with my LOI offer and inform the court that I'm in position to buy, but will that count for anything? I'm not sure.

Any advice?

Thanks,

Griffin

[Rick H.]

Judgment creditor probably does not know about decedent's death or the open probate. 

Even if they do, you can negotiate to buy the debt as assignee and probably make as much or more money as you would as a rehabber (without all the work).

You can control the deal from both ends (which I call a straddle play).