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

[Dewey Weddle]

Gus,

What happens to the property if the PR does not accept the offer of the buyer wanting to use the Deed of Trust?  I am presuming the property would be sold anyway with the proceeds going to beneficiaries.  If that is the case, then I would advise the PR to sell the property in the conventional manner.  There are too many possibilities for something to go wrong selling to a buyer using a Deed of Trust.  Why sow the seeds for future trouble?  If the buyer wants the property, let him obtain financing in the conventional manner and let somebody else worry about whether payments are made.  I am pretty sure that the PR would not relish the prospect of becoming embroiled in foreclosure proceedings in the event the buyer failed to meet the terms of the note.  The beneficiaries probably would not be very happy either.  Warning Will Robinson!!!

Best regards,

Dewey W. Weddle

Law Office of Dewey W. Weddle, PLLC
909 Seventh Street
Anacortes, WA  98221

Telephone: 360-293-3600
Fax        360-293-3700
----- Original Message -----
From: G. (Gus) Benjamin Lindsey III<mailto:lindsey3 at gbl3law.com>
To: 'WSBA Probate & Trust Listserv'<mailto:wsbapt at lists.wsbarppt.com>
Sent: Wednesday, May 03, 2017 2:22 PM
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
[cid:006601d2c4ff$f50c1500$202A76EF at DeweyPC]

The Law Office of G. Benjamin Lindsey III
2012 Grade Road, Suite 202
Lake Stevens, WA 98258
Phone:   (425) 263-9585

website: www.gbl3law.com<http://www.gbl3law.com/>

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