Unwanted Property

[RetiredAndLovingIt]

I take it the instant offer wasn't instant??

 

[JoeWras]

My land broker focused on specific Florida counties. You may need to drill down to one of the small guys that focus on Georgia -- if they exist.

BTW, they probably exist. There is a whole training industry out there that falls into the "how to get rich in real estate" camp. One is specifically about vacant land, and how to offer a fraction of the price, build inventory, and then flip later.

My last boss went to one of these trainings but decided not to get into the game. Too much work and a decent degree of risk.

 

[MarieIG]

I am getting that a beneficiary can disclaim - but what about the administrator/ executor of the estate?

Is there a duty to marshal assets of the estate, pay debts, dispose of property and close out the estate?

I know nothing of Georgia law, so, just sayin '

 

[JoeWras]

I am getting that a beneficiary can disclaim - but what about the administrator/ executor of the estate?

Is there a duty to marshal assets of the estate, pay debts, dispose of property and close out the estate?

I know nothing of Georgia law, so, just sayin '

It was in Georgia that my friend settled the aunt's estate. He did the tasks you outlined. As I recall, there was a lot of registered mail sent to the per stirpes beneficiaries. It took a while to "time out" some of them.

He worked with a lawyer. It was not a trivial task. He did it for minimal pay to honor his wife who had dementia. His wife loved the aunt.

 

[Markola]

My land broker focused on specific Florida counties. You may need to drill down to one of the small guys that focus on Georgia -- if they exist.

BTW, they probably exist. There is a whole training industry out there that falls into the "how to get rich in real estate" camp. One is specifically about vacant land, and how to offer a fraction of the price, build inventory, and then flip later.

My last boss went to one of these trainings but decided not to get into the game. Too much work and a decent degree of risk.

True. One is the Land Geek podcast and YouTube channel, which I absorbed recently, enticed initially that it would be an enjoyable and profitable way to occupy time. I have no reason to think it can’t work and the shows feature people who follow the steps successfully. However, the more I listened, the more tedious, time-consuming and challenging the model sounded. If I wanted a job ordering spreadsheets from bureaucrats and then sorting through them all day looking for worthwhile leads to contact, I’d have stayed in my sales-oriented career.

 

[LRDave]

I take it the instant offer wasn't instant??

Lol no. I got an "instant" e-mail in all 3 cases with a promise that a quote would "soon be on the way!" One said the quote would be in writing and through the mail. Another was going to be delivered via e-mail. The 3rd was going to call me directly.

 

[pb4uski]

Yeah... good luck with that.

 

[LRDave]

Thanks for the link. I have submitted our info.

This is the third submission for sites like this for us. I have not heard back from the other two.

I will update this post when/if I hear anything.

Update: The company for the link forwarded by RetireeRobert got back to us and made an offer via e-mail. It was significantly higher than we expected. My father wants to take the offer and we have asked to see the purchase agreement. They say we will get the paperwork by Monday of next week. We will see if it all comes together but I am hopeful.

My thanks again to the link from RetireeRobert!

 

[pb4uski]

Wow! One man's trash....

 

[Koolau]

I'm pretty sure I've mentioned this in another thread. When mom died ca. 2000 her only real property was a lake lot she and dad bought in the mid 60s. No idea why, but they did. It was eventually declared "unbuildable." They kept paying the $48 maintenance fee per year plus the taxes. When mom died, I drove down and tried to give it to the neighbor - ajoining her property. NO deal. I could see why. It had completely overgrown with saplings and weeds, etc. So the lawyer sent an official letter to the taxing authority saying that the property would NOT be inherited by me.

Since I was mom's POA as she slipped into Alz, the taxing authority started sending me the property tax bills PLUS fines for not paying them, etc. etc. For 2 or 3 years, I returned everything and stated that I had NOT inherited. I even stopped in once when I was in the neighborhood and told them I was NOT the owner - there was no owner. The nice lady in the office told me she'd take care of it. Of course, the bills kept coming - until we moved to Paradise.

A few years later they tracked me down and started sending me bills again. I kept ignoring them until after about 15 years, they finally gave up, I guess. I hope I don't find an arrest warrant waiting for me next time I get pulled over in my old state. I guess we'll see. Most tax collectors do NOT like to give up their marks though YMMV.

 

[LRDave]

Just to close this thread out, the family received and accepted an offer from the company in named in post 91 and the deal closed this past Tuesday. It was about $3K. The family ended up getting an attorney to look at the contract - BRIEFLY - about $500 worth. There were a lot of this-and-thats and back-and-forths about small details and fortunately the 3 siblings and their spouses had the time to attend to it. The closing was remote. We are all just glad this is off everyone's plate before DF passes (DF included).

I just can't see a way in even the next 30 years that the investors can ever recoup their expenses on this deal.

 

[street]

Thanks for the update. I'm sure buyer has a plan of some sort.

 

[RetireeRobert]

Just to close this thread out, the family received and accepted an offer from the company in named in post 91 and the deal closed this past Tuesday. It was about $3K. ...............
The closing was remote. We are all just glad this is off everyone's plate before DF passes (DF included).

Glad to hear that company in post 91 bought your unwanted land. Nice to know we were of real actual help here for your real problem. And your family ended up with some nice extra cash more than you probably had thought possible.

Thanks for letting us know how it all worked out, it's gratifying.

 

[tryan]

Having attended taxes sales .... not paying the property tax costs nothing. Just ignore the notices.

The town will sell the lein at a tax sale. and a year later (after a redemtion period) the lein holder owns this gem.