What is the name of your state?What is the name of your state? California
Background: Grandfather has a trust and he died decades ago. There is a house left in the trust that his 2nd wife was allowed to live in as long as she was alive or dwelled there. After 6 months of not living there, she loses her right to live there.
Now the house has been vacant for a couple months as she wasn't taking care of herself and was hospitalized and then placed in a nursing home.
It is unlikely she will return as she is too old to do the basics (like bathing).
The only three people as beneficiaries are my mother, aunt and uncle. All 3 want it sold and my mother is willing to help me out if I want/need it.
I have the 20% down payment but the house is an entry level house -fixer upper worth 450-500K. I may need an additional 0-50 grand from my mother to make the deal work. Luckily my mother is fine with that, actually she's the one pushing it and I'm geniunely interested as I soon will have a child.
Sidenote: For some reason, my cousin has been using my Grandfather's 2nd wife's checking book to fix up the house. He is making it presentable for sale by having it landscaped and painted. He has been taking care of her (obviously not too well) but he does have to work. He thinks he is going to get something out of it but I have no idea how.
Question: If I expressed interest in purchasing this house from the trustee (I think a bank) and everyone agreed to sell it, how would they handle selling it?
Would I have to compete on a open market (which might drive the price up to 500K) or can I work a deal with the beneficiaries? Or will the trust appraise it and if everyone agreed accept my offer? Would I have to deal with this cousin at all (not that I mind) but it appears that his interest is mute as far as the trust is concerned?
Thanks in advance
Background: Grandfather has a trust and he died decades ago. There is a house left in the trust that his 2nd wife was allowed to live in as long as she was alive or dwelled there. After 6 months of not living there, she loses her right to live there.
Now the house has been vacant for a couple months as she wasn't taking care of herself and was hospitalized and then placed in a nursing home.
It is unlikely she will return as she is too old to do the basics (like bathing).
The only three people as beneficiaries are my mother, aunt and uncle. All 3 want it sold and my mother is willing to help me out if I want/need it.
I have the 20% down payment but the house is an entry level house -fixer upper worth 450-500K. I may need an additional 0-50 grand from my mother to make the deal work. Luckily my mother is fine with that, actually she's the one pushing it and I'm geniunely interested as I soon will have a child.
Sidenote: For some reason, my cousin has been using my Grandfather's 2nd wife's checking book to fix up the house. He is making it presentable for sale by having it landscaped and painted. He has been taking care of her (obviously not too well) but he does have to work. He thinks he is going to get something out of it but I have no idea how.
Question: If I expressed interest in purchasing this house from the trustee (I think a bank) and everyone agreed to sell it, how would they handle selling it?
Would I have to compete on a open market (which might drive the price up to 500K) or can I work a deal with the beneficiaries? Or will the trust appraise it and if everyone agreed accept my offer? Would I have to deal with this cousin at all (not that I mind) but it appears that his interest is mute as far as the trust is concerned?
Thanks in advance