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We have an attorney.... we've discussed all of our options. We have an appraisal that was done last week, and that is what we'll be taking to probate with us. (along with the photos) We weren't planning on doing it this way at first, but our attorney and us agree that considering everything that is in the mix, this is actually are best course of actions and a means to an end. Believe me, we talk this all out with out attorney before making any decisions on anything, and will continue to do so as we go along. Because the entire estate falls under a certain amount the attorney has more options available to him on how to take it through the system.
Okay, good luck dealing with the attorney.
With prior experience as a banker and as a paralegal and with multiple real estate holdings - I can guarantee you that JoeBryant gave good, sound advice that I would also give. I gave the same advice to my parents who found a home in deplorable condition that they were going to buy later but go ahead and start fixing up, in agreement with the owner of the home. Of course, after they spent thousands of dollars and time and the owner could see how much nicer the home was, not only did she refuse to sell it to them, she SUED them for DAMAGING her home - you know, like painting and wallpapering and new floors and refused to return their deposit/down payment.
If you start fixing up this home that right now, no one, not even the bank wants to touch with a ten foot pole - and you get it all fixed up. Some of these ugly relatives will be coming out of the woodwork laying claim to it. Since there is no will, everyone can/will get in line. It will appraise for much more once fixed up and you could be looking at having to pay off relatives in order to keep the house.
I know you want to get started on this home and your plans seem to be in a year or so to start probate that could takes years itself if contested - BUT, please reconsider. You would be better off letting the home go back to the bank, starting probate immediately and getting the estate legally settled and then, as someone recommended, attend the foreclosure sale or renegotiate with the bank to buy the home at a much cheaper price while it is still in such deplorable condition.
I do agree that it has great potential after a lot of time and money and elbow grease is spent on it but I would NOT put forth the effort, based on the family members you've already told about, until it was legally in my name.
