how can a realtor sell a home "Owner will carry loan" when the owner is dead?

Asked by Midge, Klamath Falls, OR Tue Aug 2, 2011

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8
Don Tepper, Agent, Burke, VA
Tue Aug 2, 2011
The owner is not dead. At best, the former owner is dead. But now the house may be owned by the owner's trust, by the owner's relatives, or by whoever the owner left the house to. The owner is very definitely alive.
1 vote
, ,
Wed Aug 10, 2011
Midge, Make sure you have your own buyer's agent representing you. And, if you go forward with an owner carry contract, make sure everything (mortgage payments, taxes and insurance) is paid through a third party collection company. This will protect both you and the sellers.
0 votes
Kelly Gebler, Agent, Portland, OR
Tue Aug 2, 2011
Besides the great answers you've already received....all that comes to mind are crazy funny things...they say you can't take it with you - maybe he figured out how! Or maybe this house is a money pit and it will send you to your grave next to him! Okay so I'm bad....I will "deceased" and desist now :)

Sorry - really. Just had too much coffee today. All the answers you've already received are good ones. I'd do a little more investigating.

Have a great day!
0 votes
Michele Chav…, Agent, Fullerton, CA
Tue Aug 2, 2011
I would like to answer your question, how does the "owner carry the loan" when the "owner" is dead. I can not give you an absolute definite answer, I can only give you my opinion on what the situation may be. It is possible that the "owner" passed away leaving the property in a trust or will. The property my have also gone to probate and the aires have paid the required probate fees and now hold ownership of the property. Someone or a group of someones own the property. So the answer to your question is there is just a new owner. I hope the information I have provided you to day has been helpful.
0 votes
Dave Sutton, Agent, Portland, OR
Tue Aug 2, 2011
Not only is there always an owner (even if a brief ad or listing was not the place to list all the details), your probably don't care who the owner is. Your questions is, "Can I get better financing (for my situation) than elsewhere. "Loan Terms" cover so much more than amount and interest rate, and the best financing for me may not be the best financing for you. That doesn't mean that either you or I are "wrong", it's just a symptom of how varied individuals and financing are today.

When I bought my first house (1964) everyone put 20% down on a 30-year fixed rate loan. Period. Today there is such a variety of financing terms available that I don't even try to stay current. I know a couple of good mortgage brokers to recommend for my clients, and that's much better for my clients than me trying to be current on it all. Real estate is complicated and fast changing enough - I can't be a good Realtor and a good Mortgage Broker at the same time.
0 votes
Lana Lavenba…, Agent, Grants Pass, OR
Tue Aug 2, 2011
The estate can carry the loan - but remember - there is an owner - someone may have inherited the property and wants to have an income, the estate could want an income for now - it just works best sometimes that way.
0 votes
HLR, , Oregon
Tue Aug 2, 2011
Besides the answer you just got. The owner's estate maybe able to offer it on contract. The family of the prior owner is fine with that, to bring in income without having to pay taxes on the sale as of yet.

HLR

Best to you.
0 votes
Alan May, Agent, Evanston, IL
Tue Aug 2, 2011
There's always an owner .
0 votes
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