OfflineI'm just wondering what some of you more experienced investors would do in this situation. Your input and tips would be appreciated.
Yesterday, a friend of mine showed me an apartment he was looking to rent. He talked to the property owner/landlord yesterday morning and we were allowed to go in and look at the place. My friend has no interest in buying the property, but it peaked my interest. Unfortunately, tragically, yesterday afternoon the property owner died in an accident. My friend found out yesterday evening and called to tell me about it.
I'm certainly sorry for the loss this man's family has to deal with. I've learned that most of his family lives out of state. He was still paying a mortgage on this property (a two-family residential with garage and yard in a nice neighborhood). On one hand, I want to leave the family alone to grieve and take care of things. On the other hand, I'm thinking of the possibility of helping this family by arranging to pick up this property in some way.
How would YOU handle somehow acquiring this property, given that the death is so recent and it's too soon to tell whether this house will be foreclosed on or a family member will take it over? Thanks, in advance, for your thoughts.
This will be a 'probate', for details, type 'probate' in the search box(under Deans chin above) and hit enter.
You should wait 2wks after funeral to contact,use info on probate above on how
Mike
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wow that is so sad! Yes i agree to wait alease two weeks after funeral to call, just to give the family some time to get their throughts together. also i believe they would very happy for the help u can offer them on this property.
For thou, O God, has proved us thou hast tried us, as silver is tried. Thou broughtest us into the net, thou laidst affliction upon our loins. Thou has caused men to ride over our heads, we went through fire, and through water, but thou broughtest us out into a WEALTHY PLACE. Psalms 66:10-12
Thanks for the suggestions!
Take a look in the paper for an obituary on the deceased. From there you will find the names of the heirs. Find out which mortuary they are using. Send some flowers with a note expressing your condolences. They will remember you in the future. Then wait a week or so and send another card with your business card enclosed. Wait another week and call them. That way they will remember you and be more likely to give you the first shot.
Two things you can look for in the public notices are Notice of Petition to Administer Estate and Notice to Creditors. These two notices will give you the name of the Personal Representative/Executor of the estate. It will be his responsibility to resolve claims and distribute assets of the estate. You want to see if the estate is being administered under The Independent Administration of Estates Act. You want to know if the PR has full authority or limited authority, although you may have to go to the Probate court to see the file for the Probate case to determine this. When you fill out the paper work to see the file and it asks for the reason your are requesting to see the file, just put "for review". If the PR has full authority, the PR does not need court approval to sell the assets. The PR may be an heir, someone appointed in the will, or it may be an attorney. If the person died without a will, it will be up to the court to administer the estate. It will take some time for the PR/Executor to be named, so if you wait and go thru the PR, it kind of insulates the heirs from their emotions during the loss as they feel they are dealing with the PR who they trust rather than someone trying to take advantage of a situation. If you go off the obituary notice, just because they were members of the family doesn't necessarily mean they are getting something in the will. There can be some weird dynamics in some families and rather than taking a chance of shooting yourself in the foot, best to go thru the PR. One of the first questions you may want to ask the PR is "How is everybody getting along?"
Hi Maybe you could send them a letter and let them know that you regret there loss of this man and that if they want to sell when they are possibly ready that youd be interested in talking to them. Id also send them some flowers and a hand written card in giving your condolences and make it truely heart felt, wishing you the very best and let us know how this turns out, much success, Jim
jbischoff