I have a deal I'm working in Guilford County, NC that seems like a homerun with a comp that is the exact same build that was renovated and sold for $150,000. However, the property in question is still in open probate with two power of attorneys. The deceased passed in 2017 and probate has been open ever since with extensions filed and the court has notified them to file and both POA's have missed the deadline but an annual for each year was filed to bring things current. In the will of the owner she made one POA(neighbor) the executor and sole heir to her real property(however she did state she revoked her POA but there isn't any record of it being revoked in the register of deeds). The issue is that there are over $65,000 worth of claims against the estate that were all pretty much medical related bills. There are also almost $3,800 in back taxes but my purchase contract states that all debts against the property will be deducted from the purchase price. Since the property doesn't have a mortgage, as stated by the executor/POA/sole heir(next door neighbor and friend of deceased), will there be an issue getting the property sold? I am not sure if there are any liens(from claims) attached to the property at this time but the executor keeps trying to get the advice of the other POA who is also the attorney over the estate of the deceased whose wife recently passed. This POA/attorney over the estate is hard to get a hold of, is in his early seventies, and isn't returning anyone's calls.
My goal was to contract the property around land value($13,000) but because of the taxes my offer was $20,000. The property is completely dilapidated because of water damage from a pipe burst probably a year ago which resulted in black mold in which the damage hasn't even been determined yet. I have a couple of buyers in mind already but I can't get a contract signed. It seems the executor/POA/sole heir is fearful but she doesn't want to deal with this headache anymore. But the property needs to be sold to satisfy the claims against the estate. The attorney for the estate/other POA wants the executor/POA/sole heir to list the property but nobody is going to pay what they think the property is worth($70,000) because of the condition it's in and a real estate agent is even going to waste their time. My fear is that there are liens against the property(claims) and we won't be able to get clear title. Can the property even be assigned since it's in open probate? Please give all the advice you can. Thanks.
