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  • Landrov posted an update 2 weeks, 3 days 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.