Case Study W Rose St Stockton Deferred Maintenance, Foreclosure and Probate

Most people don’t know where to begin when unraveling complex real estate issues because they just lack the experience. Even the most seasoned real estate agent may understand foreclosure and probate but to manage the process all the way through… they’d say leave that to the professionals.

Who are those professionals? Lawyers that cost thousands of Dollars or seasoned real estate investors and cash home buyers that know the process and the right people to get it done? The answer is both.

Every house and homeowner have a different story and this one is quite sad. After years of battling cancer, the homeowners resources were completely decimated. The house was in pre-foreclosure and there was no hope of repaying the past due payments plus legal fees. To make matters worse, Mom passed away with literally no assets.

Here is Their Story:

2 Children
1 Grandchild
Foreclosure
Probate

Cracked Walls and Foundation and Years of Deferred Maintenance We bought this House and Paid all of the Closing Cost

With no money in the estate the executor of the will contacted me to see about buying the house and saving it from foreclosure. We talked about the two daughters and Grandson that were the heirs to the estate and it was determined that none of them could afford the mortgage payments, property taxes and insurance. To make matters worse the condition of the house followed the financial condition of the homeowner the past 5 years. The house needed some major work.

Most people don’t realize that the mere existence of a will does not eliminate the need for probate and probate is not cheap and is one of the only legal fees that is legislated in California and its based on a percentage of the overall value of the estate. Unfortunately the courts do not look at equity as the asset but the value of the property itself so part of the probate process is also establishing a value based on an appraisal at the time of death. If it is under $150,000.00 then the process is fast and less costly. If the value of the estate is over $150,000.00 then a full probate is required. This estate was definitely worth more than $150,000.00.

Having many years of experience and several probates under my belt, I knew the rules and ordered an appraisal after the first meeting with the presumed executor. Part of the probate process is determining who the executor should be based on the will and that takes a minimum of 90 days if it is not contested. There are submissions to the court and notifications need to be sent out to all possible heirs and creditors.

The appraisal came back within one week and the house in its current condition was valued at $170,000 with a mortgage of $150,000.00. Hardly a vast margin to work with.

Some Houses just Cant be Sold Through a Real Estate Agent. We Buy Houses As Is

I met with the family and outlined what I would be willing to do in advance of the Probate being approved and they were all agreeable.

The first step was to hire a probate attorney so it was up to me to find one willing to take on the case. The second step was to pay the mortgage current including late fees , legal fees and penalties to stop the Stockton Foreclosure.

Finally the house needed to be vacant of all of the heirs so that I could secure the property. We negotiated a time frame and I got to work with a Probate attorney that I have worked with in the past. We pulled several county docs and filed the Probate with the court for approval.

All of this was done with the understanding that I would pay for half of the Probate. Everyone was happy.

Homeowner Concerns:

The heirs to the estate were worried that they would lose everything before the probate could be settled and that Moms house would be lost to Foreclosure. Someone needed to take control of the situation, hire a probate attorney and pay the mortgage current immediately.

ONGOING CHALLENGE:

The Probate courts only objective is to establish the rightful succession of ownership in a property so technically the mere existence of a will does not establish that right of succession. So paying the mortgage based on an agreement with the “would be” heirs was a risk. So was paying for half of the probate and fronting monies for the appraisal.

The will could also have been contested by others claiming a rightful succession to the house and no matter what action that was taken there was a serious risk that the Probate court could have decided something contrary to what the heirs and the executor had agreed upon with me.

OUR SOLUTION:

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When I met with the family and outlined the plan to payoff the mortgage and provide the heirs with their equal share of the equity, they had lots of questions. In that plan I also asked for half of the probate cost and that was written into the Purchase and Sale Agreement. Finally, we negotiated that I would pull the house out of foreclosure and pay any and past due mortgage payments and all legal and late fees. The agreement also stipulated that it was my responsibility make the ongoing mortgage, property taxes and insurance payments until the probate could be decided and the sale was approved through Probate.

There was a considerable risk on my side by making the payment and saving the house from foreclosure as the judge could have determined that the house should be sold for more or less, or another heir could have contested the sale in Probate. Thank goodness that did not happen and 110 days later the court appointed the executor of the estate and approved the sale of the house to my company. Needless to say the family was happy that it dd not lose all of their mothers equity and they walked away with something rather than nothing from the sale of the house.

Some Real Estate Problems Are Resolved with the Sale of the House

At “Westbrook REI” and “We Buy Houses Stockton“, we are the best at what we do because we work at it every day. We understand that a commitment to customer and a commitment to our business only happens with hard work. We have years of experience and a plan that we follow. We are a real company with real people that are committed to helping you achieve your goals.

Again, we’re not real estate agents. We are actually Stockton house buyers and have our own cash… so we can make you an offer on the spot. Once we make you an offer, you can take that offer, shop it around if you want, talk it over with friends and family, and think about what you want. We won’t pressure you one bit.

If you want the best LOCAL We Buy Houses Company in Stockton, Sacramento, Manteca and Modesto then give our company a call today, we offer simple solutions to complex selling issues. Our house buying process is very easy with no hassle and we can close on YOUR time.

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We Buy Houses in Stockton, Sacramento & Modesto

I Buy Houses Stockton Introduction (209) 481-7780 We buy Houses Stockton

My name is Peter Westbrook and I am a local real estate investor and the owner of We Buy Houses Sacramento and Westbrook Real Estate Investments. I am NOT a Real Estate Agent or Broker and for good reason. I purchase real estate and I am NOT going to ask you to pay a commission or a fee.…I pay CASH and because I do, I can close on the day that I tell you.

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Hear What Others Have To Say…

The City of Stockton was getting ready to tear down my old house. I was no longer able to maintain the Stockton House and after years of trying to keep up with code violations, needed repairs and vandalism, I finally called Peter

Westbrook. He came right out and told me what he could do. He contacted the city and county and even cleaned up the property before he bought it. He paid the back taxes for me and gave me an advance on the purchase of the house. Without his help I would have lost everything. I called real estate agents and other investors but no one wanted to help and no one offered to pay as much as Peter Westbrook. He completely remodeled the house and I smile every time I go by. Thank you Peter.

Leonard S

We inherited our parents house with one of our brothers living there . The property taxes had not been paid and it was in Tax default. We called Peter Westbrook and he found that the title was still in our parents name, so the Stockton House never went through probate. Peter also found that there was an old auto loan that had a lien on the

title and an old bankruptcy ruling to take care of that lien had never been filed with the courts. Peter handled everything including paying the back taxes, paying for the hiring a Probate Attorney and filing the probate and paying for and hiring a Bankruptcy Attorney to finalize the removal of the lien. He was patient, understanding and he took care of everything including evicting the tenants that were living in the house. We talked to real estate agents and other I buy house people. None of them had the answers for our situation. Without peter we would have lost everything. We got paid cash.

Steve H

We inherited my parents Stockton house with a mortgage. We decided to rent it out. The tenants destroyed the house. I didn’t know what to do, I didn’t have the money to fix it and the city had already issued code violations.. I called an “I Buy Houses Stockton Sign” on a telephone pole and Peter Westbrook answered. In 4 days he paid the bank and bought my house. We would have lost everything if it weren’t for Peter Westbrook.

Mike B

I inherited my mothers house with a mortgage. When my husband and I lost our jobs, we got behind in payments. Then the Bank posted a default with a auction date we didn’t know what to do.

We didn’t have the $15,000.00 and we only had two weeks to do something. We called Peter Westbrook and form the beginning he was confident he could stop the bank. Within 4 days he bought the house with cash, paid off the bank and stopped the Foreclosure. Without Peter we would have lost everything.

Brenda T

I saw a sign on a telephone pole and against my better judgement I called. The last thing I expected was a person answering the phone. I was surprised, Peter Westbrook answered the phone. I had a lot of questions and Peter had the right answers. My mother needed to get as much as possible out of the house and we had talked to several real estate agents and they all wanted to sell it cheap and wanted a 6% commission. They all told us unless we put thousands of dollars into it could not be sold for what we wanted. Not Peter. He made a fair cash offer and since then we have sold him another house. Peter and the title company handled everything. I couldn’t be happier and I would recommend Peter Westbrook to anyone.

Cathy W

I needed to sell my Stockton House. I called a phone number I saw on a sign and talked to Peter Westbrook. The City of Stockton said that they were going to take away my vacant Stockton house, knock it down and send me the

bill to do it. I did everything that I could to try to make them happy. A neighbor offered to buy the house and then Peter offered me twice as much. He did everything he said he would do and I just had to go to the Title Company and sign the papers. He did all of the work and now the City of Stockton is his problem. Thank you Peter.

Ann C

I inherited my Fathers Stockton house. The front porch was falling in, the walls had holes from being vacant and vandalized. The City of Stockton fined us, red tagged the property and forced us to put on a new roof so we had to get loans and we still couldn’t rent it out.

I called one of those “I Buy Houses” signs and Peter Westbrook came out and made a cash offer. The House closed escrow and we got our money for a house we though was worthless. Thanks Peter!”

Broderick R.

“Our Grandfather passed away and my brother, sister and I inherited his Stockton house. He was a junkman and hoarder. He was also 90 years old and had not made a repair to the house in years. He had garage sales almost every day. The house and the yard were full of junk. We tried to get everything out so we could just see the house. We had family and friends come over on the weekends but the cost and effort was consuming all of our time.The house was a mess.

I called Peter Westbrook and he made us a cash offer for the house and he said he would take care of all of the clean up. Thank God I called. The City had issued code violations and fines on the property and even before we closed escrow Peter and his crew had the house and yard cleaned (4 large Dumpsters later) . I recommend Peter Westbrook to anyone that has a problem house. They were fast and professional”

Connie J.

“I had tried to sell my Mothers Stockton house for two years. Realtor’s told me to tear it down. I didn’t have the money for that and my Brother and his family were living there. Peter Westbrook made me a cash offer and closed escrow with my brother still in the house. Peter Westbrook is my savior. I don’t have to worry about the house any more. If you have a Stockton house that has become a burden and you don’t have the money to fix it to sell it, call Peter Westbrook.”

Rosemary R.