Re: Legal Question(s) about Estates....HELP!!?? Real Estate Newsgroup post by Estaplace Newsgroups Search Service.

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Nesgroup address: misc.invest.real-estate - Date & Time for the message: 29 Sep 2005 17:20:49 -0700 /

Author of the message: "realEstateGuy"

Title of the message:

Re: Legal Question(s) about Estates....HELP!!??

Text of the message:

Well there is a total rehab needed here....this type of house 40K is
the magic number.
So I'm thinking get it for 60K (first mortgage balance and 10K to the
daughter)
Fix it for 40K..
Into it for 100...identical comp in 190s......nice spread....even if I
sold at a discount.
With 80k hanging over estate this is not so clear cut and easy.
Trying to figure out if it's doable....
Trying to figure out if I offered 60K....which is almost more that it's
actually worth in current condition....would that fly? Could the estate
sell at that price..?
Or would it be a scenario where that 80k lein against nothing more than
the estate... makes it harder to sell....
Would it leave a balance if it COULD sell for 60 that would just go
unpaid..because there were no more assets? Would it attach to heirs?
.

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