Home Buying in Jamaica Beach>Question Details

Cbryantrn, Home Buyer in Jamaica Beach, TX

I am an heir to my fathers estate 1 of five brothers and sisters, I want to by his home in Jamaica beach, What is the process?

Asked by Cbryantrn, Jamaica Beach, TX Sat Jan 15, 2011

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4
C,

You should talk with the executor of the estate and the probate attorney.
This assumes the property is part of the estate and not left to a specific person or entity.
Typically they will order an appraisal to establish the value.
Then you can make an offer to them to purchase the property.
This can be for the appraisal amount, more, or less than the appraisal.
They have an obligation to the estate though to get the highest value they can for the assets.
If they home is part of the estate, the executor and perhaps the probate judge can approve the sale
and then you can close.
You should contact the executor and probate attorney right away to express interest.
If you need to get a loan, you should also start that process immediately.
Good luck.
0 votes Thank Flag Link Sat Jan 15, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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Sorry about your father, this can be a very trying time for the family.

You should get an appraisal done on the property - or a report showing a fair current market value . Assuming that the property is free and clear and there is no mortgage--then submit a contract to the estate (the "seller") and place the contract with a title company. You would normally contact an attorney in this situation or the attorney for the estate - depending on what your father's "will" indicates- you will probably need to pay your brothers and sisters an equal portion.

Please check with the attorney for estate before you do anything or spend any money!!!
0 votes Thank Flag Link Sat Jan 15, 2011
Best to handle the legal affairs via an attorney who represent your father's estate.

Sorry read about your father

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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http://www.lynn911.com
0 votes Thank Flag Link Sat Jan 15, 2011
I would strongly suggest that you contact a real estate attorney to handle this transaction.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Sat Jan 15, 2011
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