[WSBAPT] Selling Property from Estate using a Deed of Trust (foreclosure risks)

[Heather deVrieze]

Unless the estate beneficiaries want to be the proud owners of a promissory note (and beneficiaries under a deed of trust), I would NOT recommend such an arrangement unless it was quite short term (12 months or shorter).

Heather


Heather S. de Vrieze
Attorney-at-Law
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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of G. (Gus) Benjamin Lindsey III
Sent: Wednesday, May 03, 2017 2:23 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Selling Property from Estate using a Deed of Trust (foreclosure risks)

Hello,

PC (personal representative) is considering an offer buy real property from an estate using a deed of trust. (Seller carrying the loan balance)

Seller/Personal Representative wants to know how "difficult/expensive" it is to regain possession of the property in the event of a default.

While I handle some property related matters, including ejectments, I am not familiar with the foreclosure process.

Anyone have insight on this from the perspective of an estate? My initial reaction is that this may not be the best approach for the estate but that may be based on some past horror stories! My typical probate client does not want this approach so this is  new one for me.


Sincerely,

G. (Gus) Benjamin Lindsey III
Attorney-at-Law
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