Can I get a loan and buy the house if my grandpa died, my uncle is executor, his house is to be sold and we split the profits? 2 Answers as of July 06, 2017

I want the house to stay in the family and would like to purchase it myself, taking out a loan to do so. The house is in another state. My grandpa owned the house free and clear. No one else is on the deed. When the house sells, my uncle and myself are to split the money. We're in the middle of probate now.

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Shimberg and Crohn, P.C. | Jonathan Shimberg
It would seem that you could do but it depends on the law and practices of that state. Talk to an atty licensed in that state.
Answer Applies to: Illinois
Replied: 7/6/2017
Ashcraft & Ashcraft, Ltd.
Ashcraft & Ashcraft, Ltd. | Randall C. Romei
You do not state if there are other assets in the estate to pay probate expenses. You also do not state if the house was granted to you and your uncle as a specific bequest or as a residuary bequest. The type of bequest makes a difference in whether your share of the legacy can be used to contribute to the purchase price immediately. Other factors relating to estate creditors and the ability of the estate to pay its obligations are also involved. You should consult with an attorney to determine the best way to proceed. You can purchase the property out of the estate in the same manner as any other purchaser. You would pay market value, as determined by the executor. If you and your uncle are the sole heirs of the estate, and there are no creditor issues, the determination of value can be more casual. If there are other heirs the determination of value must be more rigorous to protect the executor.
Answer Applies to: Illinois
Replied: 7/6/2017
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