Archive for June, 2010
Can an immediate family member buy a house in probate for less than assessed?
tww asked:
My mother passed and we want to buy the house for what is owed 45000. Can we do this if the assessed value is 73000?
let me mention the market value of other homes in the area are 70000, but her house needs at least 25000 dollars to get to that. So do the courts make the final decision? and if it goes to foreclosure we then buy it for the owed value?
Pamela Waddles
My mother passed and we want to buy the house for what is owed 45000. Can we do this if the assessed value is 73000?
let me mention the market value of other homes in the area are 70000, but her house needs at least 25000 dollars to get to that. So do the courts make the final decision? and if it goes to foreclosure we then buy it for the owed value?
Pamela Waddles
Question about Probate with two Heirs – house not selling?
Jacqueline W asked:
My father’s house has been on the market since March of this year. We have had no offers, and almost no activity at weekend open houses. This home is located in Palm Springs and the market is very slow with such high Summer temperatures. My question is: Is it possible to take the home off the market (as in change my mind about selling it now) and “buy out” the other Heir (my brother), pay the Probate, attorney, the Administrator and creditors without any funds except the equity on the home? Value of home is approx. $385K, equity is about 185K. I would like to keep the home until the market recovers. Possible?
My father did not have a Living Trust, as he was only 61 and his death was unexpected.
Grant Rayne
My father’s house has been on the market since March of this year. We have had no offers, and almost no activity at weekend open houses. This home is located in Palm Springs and the market is very slow with such high Summer temperatures. My question is: Is it possible to take the home off the market (as in change my mind about selling it now) and “buy out” the other Heir (my brother), pay the Probate, attorney, the Administrator and creditors without any funds except the equity on the home? Value of home is approx. $385K, equity is about 185K. I would like to keep the home until the market recovers. Possible?
My father did not have a Living Trust, as he was only 61 and his death was unexpected.
Grant Rayne
My Grandmother died and I am next of Kin. I have a question about probate?
skipper102006 asked:
She had no money in the bank an old Mobile home that is worth maybe 5,000 and a small pick-up that my cousin bought for her. Do I have to go through probate or can I just walk away from the trailer and sign the pick up back over to my cousin? I have no idea what to do about this. Probate cost a lot and I would not again anything from it. This is in California
Pablo Warhola
She had no money in the bank an old Mobile home that is worth maybe 5,000 and a small pick-up that my cousin bought for her. Do I have to go through probate or can I just walk away from the trailer and sign the pick up back over to my cousin? I have no idea what to do about this. Probate cost a lot and I would not again anything from it. This is in California
Pablo Warhola
What to do about a greedy trustee? Probate?
sensi asked:
My Grandmother passed away 2 months ago. Her guardian (the trustee) has filed the forms in probate for a small estate up to $18,000. I have a copy of the will which I got from the court house and she willed him $15,000 for being her guardian etc. She also willed me jewelry and personal belongings which I have not recieved. I also know that she had a life insurance policy and investments (not sure what or where). There was also a van worth $25,000. My question is why a small estate if everything is included? What can I do? I contacted the lawyer who drew up her will and he told me that her guardian was handling everything. Her “guardian” does not want to talk to me about this or answer my questions, when he does speak to me he just bs’s me. There is 4 of us grandchildren, no spouse or children. Her will states that we are the heirs minus the $15,000 to her guardian/poa.
My Grandmother passed away 2 months ago. Her guardian (the trustee) has filed the forms in probate for a small estate up to $18,000. I have a copy of the will which I got from the court house and she willed him $15,000 for being her guardian etc. She also willed me jewelry and personal belongings which I have not recieved. I also know that she had a life insurance policy and investments (not sure what or where). There was also a van worth $25,000. My question is why a small estate if everything is included? What can I do? I contacted the lawyer who drew up her will and he told me that her guardian was handling everything. Her “guardian” does not want to talk to me about this or answer my questions, when he does speak to me he just bs’s me. There is 4 of us grandchildren, no spouse or children. Her will states that we are the heirs minus the $15,000 to her guardian/poa.
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Desire Hunke























