probate & tax question

You could hire a college student to go in and take pics for you. You could also call up a property management co to go in and take pics, they could also tell you what the propety would rent for. You could also search here on dg and see if someone would take pics and view the property for a small fee. Hope this helps you out a little. If you need help with the probate stuff pm me. I specialize in probate about seven years now.

I would try to have a mentor or partner to walk you through. I would be very cautious in estimating repairs if you have not closed a deal. At least leave 15k extra for unseen repairs. A nice cushion since you are not there to view the property. You could also get a contractor in OK to view and give you a free written estimate.

thanks for the post. We are hoping to find someone from that area on DG that may know someone to get us an estimate. I have done deals before and have done estimates, but all in my own area. Just never a probate yet, and another investor I work with called me about this. But both of us live in a different state. The owners may be able to get the pictures, but they live, I think they said about and hour or two away. And they just want it gone.
So we are hoping to find a DG person in that area. But do appreciate the help on probate. Just started studying up on that, would like to do more of that, seems to be more of them out there then people realize.
I will be in touch with you and thanks for the help.
Sandi

For the probate, if they have it settled but haven't put it in their names yet, they can't sell it till then, right??
Sandi

Sandi couldnt you go on the Oklahoma courthouse records to find out about the back taxes?

whats stopping you from locking up the property under contract NOW and while waiting for completion of probate.

You can lock it up NOW! I would do it asap with the seller. If the probate is complete then the the heirs should be able to sell as long as the have an order from the judge. The attorney should have them. They can also look them up on their own at the local court probate department. Check online. They will also be listed because everything has to be doucumented in the probate case. Title company then gets the order and makes a deed from your seller to the the new buyer.

Note: when you lock up the property make sure it says

* Mary Ann Smith (your seller-the heir) for the Etate of Beverly Jones (deseased party) .

The names used above are just examples and the above format should be used writing your contract.

Good luck!

I do appreciate all the help on this, and do want to ask this.
Because the two of us, (investors) are from different states and this property is in Oklahoma, do we need to find a contract from that state. Or can we use the Purchase Agreement from DG.
And can we do an assignment in that state just under our names? Or does it have to be an LLC?
Also, the title. Can my title person in Wisconsin do the title search in another state.
J--You mentioned someone else taking pictures, but there is still some personal belongings in the home and they aren't very comfortable with people they don't know being in there.
Any advice?
Sandi

In Ohio I have closed on probate deals and the property was still in the deceased persons name.

Back taxes and liens will get paid out of proceeds from the sale. So if your offer is $60k the seller will net $60k - back taxes - $1400 Hoa fees - closing cost and any other fees included. So seller may really only be walking away with $50k from the sale give or take.

As far as taking pictures call a local agent in that area and let them know that you are an out of town investor. There is a property you might be interested in purchasing in their area and see if they can take some pictures for you, and get estimate of repairs. Also ask them what they think it would really sell for quickly to a cash buyer as is. This way you will get an idea of what you can wholesale the property for to someone else for a profit.

If you close on it pay them some type of fee for their time spent taking pics.
Hope this helps!

Now finding an end buyer for an area you are unfamiliar with and are not local to is another issue. This is something you will also need that agent for as well. I will get into that at a later time as I do not want to make this post long winded.

All the best, Jason B

Thanks, this info helps, esp who pays the HOA, was wondering how we do this.
My partner is calling the seller today to see what we can do about getting a key to a neighbor down there. Then maybe get pictures and some estimates.
How do we know about which contract for that state. I can call the coaches too and ask.
Will let you know how this works, never did anything from out of state.
Sandi

you don't mind me asking what is your method you use to find probates

You can find them in your local newspapers, this one we found was a for sale by owner. But even the courthouse will have them. I can't remember how at the courthouse, but if you even put out bandit signs, they will call you. I do have a good book about probates, if you are a student of Deans, the coaches can recommend this too. But I will send you a PM about the book.
Sandi

Do you know if the HOA can put a lien on the home if those dues aren't paid? Or how they may do this to collect it. If the sellers who are the heirs don't pay it when we close, what happens, how do we make sure they get paid.
Sandi

Look in your newspaper in the obituaries. Courthouse records.