A park I was looking at, the owner passed away (literally, a few days ago). I don’t know the heirs at all - has anyone navigated buying a park from either heirs or via probate? any tips/suggestions would be appreciated.ari
When someone dies there are legal statutes on what happens next, based on the state in question. You will not be able to formally buy the property until that is resolved. If you already have it under contract, you should immediately ask for an extension until after the will is read and formalized. If you don’t have it under contract, it will now be very hard to do so, because nobody has the authority to sign the agreement and bind the property until the estate is resolved.
Ari, my Husband and I purchased a MHP from Heirs.The MHP had originally been created by ‘Mom & Pop’.Below are the sequence of events:- Pop Passed Away - 2007- Mom Passed Away - 2009- 17 Heirs Took Possession- Daughter Ran It- Nephew Leased It- Came On MLS To Be Sold - 2011- Purchased It - 2014Some of the Mobile Homes were in Dad’s Name (with one Personal Representative / AKA ‘Executors’ in other states).Some of the Mobile Home were in Mom’s Name (with 3 Personal Representative with And / All most sign).Some of the Mobile Homes were in the Mobile Home Park’s Name.There were at least two different Attorneys.We placed 3 different Offers on this MHP over a 2 year span of time.Initially, when it was listed, the Listing Price was gold plated.Time is a good thing in that it sometimes helps to bring the price back to reality.If the Owner of the MHP that you were looking at just passed away, it will probably be a while before it is on the market.We wish you the very best!
I spent years trying to buy a park from a lady who I knew was ailing. I would stop by her park at least once a year for about 4 years in a row and re-introduce myself to her (she had bad memory) and ask if the park was for sale, or if I could master-lease it and guarantee her an income, etc. She was a difficult person and would always say "No! This place is not for sale! But thank you very much young man."I set up a Google alert with her name and the keyword ‘obituary’ so that I would be notified of her death. When I got that Google Alert email two years ago, I sent a letter to her heirs c/o the funeral home expressing my condolences and asking if the park would be for sale. I never heard back, and the property was sold to a local MH dealer about a month later.I got out-maneuvered by the local guy who had almost certainly struck-up a relationship directly with her heirs while I was trying to bond with her. I should have done more to figure out who the heirs were and had my own direct conversation with them, but somehow that made me feel uncomfortable. I guess the lesson is that sometimes you need to circumvent the ‘mom and/or pop’ - even if that feels a bit like grave dancing - and build a relationship with the heirs.My 2 cents worth,-jl-
Civility is becoming a lost trait–just think maybe in ??? years people checking on your properties to try to find a way to be first in line when your passing is near! I understand wanting to purchase properties but when an owner says no it means maybe. Only my opinion.