Life Estates- value in buying?


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  • The opportunity (or not) is a property in South Carolina in a good area in not so good condition. .Mama owned it but years ago deeded it to her children- 6 of them. She retained a life estate in the property. Some time later she moved out of state where most of the children live. She died, 16 years ago but did not open probate in SC, so the life estate has not yet been extinguished. The children ( some of them) have been paying the taxes and utilities on the house for the last 16 years. Of the 6 remaindermen, 2 have died – one had one child, the other had 3. Four of the remaindermen are willing to sell. the others do not want to bother What is the best way to acquire this property.
    Thank you for your thoughts…

    Jack,
    I would run it by a South Carolina attorney to see what is needed for clear title.

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