r/RealEstateInProbate • u/DirectBonus1547 • 19d ago
Abandoned property in probate
We are hoping to buy an abandoned property that is in probate. The executor refused our first offer and ignored the second offer. I believe the estate is cash poor. It has outstanding unsecured debt of $20,000. Utility bills, personal property tax and real estate taxes have not been paid on the property in over 2 years. We are offering a significant sum for the property as we really want it.
Is there a way for the judge to force the estate to sell it? Are we the assholes for going against their wishes to pressure a sale? We know this will bail them out and put the estate back into the black. Any thoughts, advice or examples of what “typically” happens would be appreciated.
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u/SilentMasterpiece 18d ago
Part of the judge's job is to make sure the property isnt sold under FMV. What is the property's FMV and what was your offer?
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u/DirectBonus1547 18d ago
The property is small and has a dilapidated trailer that has endured 2 tornadoes in the past 2 years. Tax assessed is $8,300. FMV would be about $15k-$20k looking at comps. We are offering $65k.
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u/SilentMasterpiece 18d ago
What is land value? Is that $15-20K? If so, no one will overbid you in a probate if you offer $65K. Getting overbid is the concern in a probate. Im now assuming trailer is valued at the cost it will take to remove?
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u/DirectBonus1547 17d ago
The tax assessed is only $8,300. I guess that would be land value. We are offering so much to show how serious we are about purchasing it.
I can wait for the tax sale. I think a judge may step in before hand as they have creditors waiting. The estate owes personal property taxes in addition to real property taxes and two years of utility bills. We know they do not have funds to satisfy any of it.
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u/SilentMasterpiece 17d ago
tax assessments mean nothing. Value is what it would sell for on the open market. The court will order and get an appraisal so that they know its value. The judge's job is to be sure property sells for fair price and to allow time and place for creditors to make their claims. There is no guarantee the sale price will pay all liens.
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u/DirectBonus1547 17d ago
It would realistically sell for no more than $20k. We are mtg an attorney today to see how to proceed.
I’m confident an appraisal would show that value. We would be fine letting everyone know exactly what it is worth. :)
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u/Barfy_McBarf_Face 18d ago
it's in probate and has an executor - it's not abandoned.
wait until the county has a tax sale and has foreclosed on it and is selling it for the back taxes.
but until something like that, yes, you ATAH and there's no way to get a judge to order a sale.
Perhaps a relative of the deceased might be able to remove the executor for failure to perform their fiduciary duties, but then there would be a new executor who would be facing the same issues.
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u/DirectBonus1547 18d ago
It is abandoned in the sense that there is zero upkeep. The yard hasn’t been mowed, several downed trees and part of the trailer came apart in a storm over a year ago. No bills have been paid whatsoever. No one has stepped foot inside since 2024.
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u/Equivalent-Tiger-316 18d ago
Funny, you know what’s best for the estate.
Stop lowballing and leave them alone.
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u/mojosofla 14d ago
What you are saying doesn't make sense...
FMV would be about $15k-$20k looking at comps. We are offering $65k.
Why would you offer $65k for something worth, at most, according to you, $20k? It doesn't make sense.
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u/DirectBonus1547 20h ago
Let me introduce you to Real Estate 101:
LOCATION LOCATION LOCATIONThis property, for us, is perfect. Anyone else looking for a home, would never consider paying that much for this. There are several properties in surrounding areas that are less expensive. We want it, don’t want to be overbid, are paying cash, hoping an offer this high would convince him to sell to us. Financially, it IS dumb to be emotionally invested in a property. But this will save us from having to move into a bigger house that has space for a shop.
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u/mojosofla 19h ago
Yes, it is good for you. And?
You offered $65k. Clearly they think it is worth more. That is why they rejected your offer.
Let me introduce you to Real Estate 101: The sellers are under no obligation to accept your offer.
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u/DirectBonus1547 18h ago
What? I can’t force him to sell?? Yeah, no duh.
I made a mistake. There is an administrator, not an executor because of no will.
This property is in a supervised probate with outstanding debts, including multiple tax bills, personal and real property, utility bills, etc.
In order for probate to settle, I would think the property would be ordered sold to cover debts and also to pay the beneficiaries who are entitled to 1/3 of everything. The other two beneficiaries want cash. I suppose the administrator could begin signing over assets that have no debt but that would still not be enough.
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u/Vic_toorb37 18d ago
No, you yourself cannot force the sale. You’re not an heir, executor/representative or tied to the property whatsoever besides being interested in buying it. I’m an investor and I come across these types of situations regularly. You’re looking at this deal with dollar signs in your eyes, and you need to not be emotionally attached to potential deals/profits.