An order allowing the bankruptcy to be re-opened for the purpose of filing an amended schedule listing the land as an asset of the debtor after notice to all interested parties.

This second risk will be significantly greater in liberal states.Basically subject 2 is a deal based on trust and any one of three parties Seller, Buyer and Bank can screw it up for the others

It's also very hard to sell a property if a tenant is not cooperating or is not a good housekeeper.Your mother could seller finance her undivided one third interest as well, giving you the right of possession, pay a note payment to her and rents to the others.You can seller finance this as it is between closely related parties in connection with an estate settlement.

For some reason in my head I thought it was everyone in a room together all signing documents in one joyous party.

If we assume it is AR, then here is what you finance department says about private party exemptions:A person who engages in seller-financed transactions or who as a seller of real property receives mortgages, deeds of trust, or other security instruments on real estate as security for a purchase money obligation if: (a) The person does not receive from or hold on behalf of the borrower any funds for the payment of insurance or taxes on the real property; and (b) The seller does not sell the liens or mortgages in the secondary market other than to affiliated or subsidiary persons; (xi) An individual or husband and wife who provide funds for investment in loans secured by a lien on real property on his or her or their own account and who do not:(a) Charge a fee or cause a fee to be paid for any service other than the normal and scheduled rates for escrow, title insurance, and recording services; and (b) Collect funds to be used for the payment of any taxes or insurance premiums on the property securing the loans; The issue with the rule interpretation is that in some states an MLO must be employed by a company licensed to conduct the activity of brokering or lending.

Is there a third party approval required?

Because I dont understand exactly how it works (thats what attorneys and title companies are for, and I havent done this yet) I am hoping someone can explain it to me as if I was her.As I understand it...We go to closing, everything is done by a third party closing agent, title is transfered into my name, and seller is given a deed in first position for 110,000.

One has to have access to the MLS to see it though none of the third party sites provide it probably not because its top secret info most likely they just didn't include a filter to mine that info.

I think that's a fair representation Don.Private money can be peer to peer, but not necessarily peer based.If Granny loans you the money, that's usually private. between two parties but could go through a facilitatorPrivate money can be from capital in a JV project, as I see it, private sources are simply from those not in the business of lending, those in the business are (or should be) registered as a lender to some extent, if nothing more than a business license.The use of the term "private money or lender" is pretty loosely used.

Is the conduct of the parties prudent and rational under the circumstances?