Estate Sale

It probably all depends on the contract you use or what contract they will accept. If you can't assign it, you can always do a double close.

Thanks and is there anything else you can tell me about them ?

It shouldn't be too much of a problem to assign it. If anything, I would like it would be easier because these are truly motivated sellers. For example, if two people suddenly inherit the property and neither wants it - they just want cash - they'll be motivated to sell.

The executor of the estate would have to sign off on the contract, but beyond that it's not really different than any other real transaction (I bought a house from an estate in the past and it was straight forward).

Good luck!

- Tom

Spellbound, havn't done an estate yet but have offered on tons of them and have done 3 deals, wholesale. Yes you can assign it pretty much since it is a private sale-it is a family who are the heirs or survivors of someone who passed away and not a bank or HUD or fanny mae. Private sellers don't care of wont catch that you are assigning a prop unless you tell them of course

So what you do is make sure you have in your contract for example "spellbound and /or assigns" as the purchaser ok, which gives you assignability. If this was a bank or a fanny mae prop, or freddie mac or HUD then this would be a govt selling this prop and they wont allow assignability which you would take out of your contract just put spellbound as the purchaser in other words and you would have to double close the prop ok.

Otherwise all private sellers for the most part I have found dont realize you are assigning the prop and if they ask or find out I just tell them I am putting this prop under contract and then I have my partner close on the property because I am the prop finder & he/she is the closer.. it's worked so far, and if they have a prob then just have your buyer offer on it and have them sign a non compete non disclosre agreement and pay you that way. sorry for long post couldnt shorten it w/out leaving stuff out.

Thanks for the help i will keep that in mind and let you know how it goes if i do the deal.

Spellbound,

you need to talk to the agent or attorney who is handling the sale of the property to find out if there are any contingencies on the sale; if it's a probate then your offer will be reviewed by the court. They make sure that the sale of the property is for the best possible price, and based on an appraisal that the court will order. Also, there may be a waiting period after your offer is submitted, anywhere from 30 to 60 days, again, depending on the court.