Need help on first deal. potential probate issues

[Andrew Stewart]

I just got a deal under contract.
 The homeowner died a few months ago. Her son has power of attorney, and wants to sell it for $3000 cash on top of $54000 existing mortgage. Property is worth 70-80k lender is holding 35k restricted escrow balance. I have to option to take the loan subject to or to wholesale it and payoff the loan.


Is there any potential escrow problems that will present title problems down the line?

[Account Closed]

The Power of Attorney document expired upon the death of the homeowner.  The property is now an asset of the estate of the deceased individual, and, depending on the wording of the Will, if there is a Will, or the wording of the Indiana statute regarding probate and succession if there is not a Will, you can only buy the property from a person with Letters Testamentary, or the Indiana equivalent, from the probate court.