What You Need To Know About Probate Properties
If the property is to be sold, the executor of the will, who is not necessarily the beneficiary or heir, sees to this. The heirs of the estate may well live a long way away and not wish or be able to travel to inspect the property. If they have arrived for the funeral, they may not be able to stay for long. They are usually happy for the estate to be finalized quickly and a bargain may be had if you are patient. Why patient? According to a study done some years ago, it takes an average of 3 years for probate to be granted on a property. Of course it is not only real estate that must be probated, but all of the deceased's assets. Then if the death has occurred without any will being made, the estate is considered to be 'intestate'. Who should inherit is then determined by the state in which he lived, but if no relatives can be found, all is sold and the state treasurer keeps the cash against a possible finding at some later date. Of course, creditors must file any unpaid claims they may have against the deceased's estate, but there is usually a limited time in which to do so. Any claims after this date, are considered invalid. Probate property sales are often bargains because sometimes the property and assets must be sold to enable the creditors to access their share. This happens if there was not enough cash in the deceased's account to cover the debts. Those people involved in the execution of selling to pay the debts are often not trained in how to sell for the best possible price, there fore an interested buyer has the chance to grab a bargain - that is, a property below the market value - if he has the patience to wait and keep track of the proceedings for a few years. Many probate properties can be deemed 'fixer-uppers' (they need fixing) because the elderly owners have left them in a state of disrepair due to lack of finance or motivation - or both. So where can you find a probate property? One place to look is in the daily Obit. section of the paper. Not all the deceased will have owned property, but some will. Check out the local property ownership records against your list of names. You'll find this at the local tax collector's office. In many counties that info is now available on the Internet. If you find a property that interests you, a tasteful letter to the relatives some weeks after the death, to inquire if it is for sale, would be in order. Realtors do this so why not you? Follow up is important. Legal probate notices and notices to creditors must be published in the paper so that's another source to watch out for. If you keep detailed records of all these notices, it can serve you well because not many homebuyers or realtors follow probate sales. There are just a few pitfalls to watch out for. - Since properties are sold 'as is' the repairs may be more expensive than you want. - Delays can be frustrating. - All offers need to be in writing to be enforceable. - Watch out for 'dirty dealing' of greedy people. On the other hand, these pitfalls apply to most business dealings, so you should always be aware of them, no matter what sort of real estate investment you choose. |
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