All Forum Posts by: Rich J.

Thanks for the answers, guys.

Being inherited properties, most I come across are of course in pretty good shape and are not the typical junkers one is accustomed to in wholesaling to other investors. Heirs to the property, even though good rapport was established, have not yet found an interest in meeting an offer much lower than what they had in mind.

So far my negotiations have not panned out with any deals yet, but I believe it's only a matter of numbers, time, experience...and what's in my toolbelt.
Any more tips are appreciated.

(I should have named this just "Strategy for Probate Deals".)

I am interested in finding out what is the best exit strategy to consider when working with the personal representative of probate properties. I've had contact with merely a dozen or so personal reps with the idea of wholesaling to another investor, but I am curious as to what percentage of probate deals can be expected using other strategies such as seller-financing, lease-option, etc. and what tips you off that will determine the best strategy to use.

I received a call recently from a lady whose son and daughter is inheriting a house from their grandfather, along with a mortgage for $123,000. The son, I’ll call him Joe, is 19 years old and was named executor of the estate. His sister is 17. The house is 3 months into foreclosure, and was valued by the the lender at $140,000.

The house is about is small 1100 sq. ft. home in a nice neigborhood full of similar homes. No work, other than power washing maybe, is necessary on the exterior. I did not see the interior, but the lady told me the the home was kept nice but would need some updating, i.e., kitchen, bath, carpeting and paint, bring it up to code, such as a new panel to replace the old fusebox.

The probate was opened 4/19/12, so I guess he has a little time before the property would actually would be placed in the kids’ names. There is no way they can take over payments or pay off the loan.
I know little about foreclosures and short sales, so I’ll put the the question out for anyone with knowledge of these matters.

What would be their next step to avoid being saddled with a foreclosed home and a possible bad mark on their young credit records? And is there any way for them to receive something positive out of this inheritance?