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Updated about 8 years ago on . Most recent reply

User Stats

2
Posts
2
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Thomas R.
  • Investor
  • Hancock, MI
2
Votes |
2
Posts

Probate, Liens, & Taxes

Thomas R.
  • Investor
  • Hancock, MI
Posted

Peanuts or Problems?

I found an out-of-area executor of an estate willing to sell his deceased relative's home in Michigan.

-Elderly women passes away with a debt to nursing home and other related health bills liened against the property. ($250,000 debt/liens)

-Home is valued at maybe $16,000.00 (fixer-upper)

-County officials told executor that home will enter tax sale status at end of February if ($3000.00) property taxes are not paid and will then be sold at public tax sale in the fall. (erasing all debts/liens)

My Question:

If, I paid the taxes to the county now to prevent the property going to public auction, and reached a deal to purchase the home for peanuts, which monies would go directly to the executor to pay probate attorney fees -- What happens to the liens? What are my liabilities?

Executor says he is willing to do the probate process so that I would get the property. He thinks that if the house is sold in probate, regardless of sale price satisfying the liens, I may be fine. Is there less risk in health-related debts?

I'm guessing that I may be buying problems !?! 

Thanks for any help - maybe someone has an experience with a similar situation in regard to Probate, Liens, and un-Paid Taxes 

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