• Landrov posted an update 4 months, 3 weeks ago

    hi all

    it happened, one of those situations Steve talks about often.

    i got a letter form a lawyer representing the trustees of a deceased owner. the owner died in 2009 he did not transfer the property to his trust prior to his death. they are in the process of getting it transferred now.
    the lawyer said he needs to get permission from the beneficiary to sell the property for the offer price $7,492.50, and he is asking if i am willing to pay the back taxes ($818.23), all the escrow costs, recording fees, and transfer taxes if any.
    the lot is 5 acres.
    The trust beneficiary is a Community Foundation.
    before the owner’s death the property was appraised for $30k
    The probate referee, thinks it is worth the same amount now.
    Zillow and Realtor.com have similar properties for 30k as well
    houses in the area with 5 acres are listed for 250-300k

    I am thinking this is going to be my first deal, it should be a straight forward deal once it is transferred to the trust, i am assuming i will not be involved in that.
    what do you guys think are there any potential legal issues here, should i go for it and if so what would you suggest for a resale price?

    Thanks in advance.

    • Go for it. Let the attorney do his thing and close it with a title company. Double your money.

    • Hi again

      here is an update on this deal

      taxes due are now about a $1000

      the trustees are saying that they could not locate the abstract or prior owners policy and want this condition be removed from the purchase agreement.

      there is a beneficiary of this property, a charity organization that has not approved the sale yet.
      the trustees will provide the beneficiary a proper legal form to get their written agreement to the sale.
      the trustees can proceed to sign the purchase agreement as soon as they have received written consent from the beneficiary, or at the expiration of 30 days. If they do not respond to the proposal within 30 days, they are deemed to have legally consented to the sale by us as trustees of the trust??? (not sure if this is a law or an opinion)

      if i proceed on this deal i will go through a title company
      offer was $7,492 and it is supposed to be worth 30k

      my question is should i proceed with no abstract and if the beneficiary did not sign will this be a legal sale?

      thanks