Researching Probate Real Estate PropertiesBy
When you are investing in probate real estate properties, there is a lot of research to be done. Since probate proceedings are a matter of public record, the bulk of researching probate real estate properties must take place at the local courthouse.
Probate cases are handled in these courthouses and the deceased’s will is a matter of public record because of the probate case. Researching these wills provides you with the address of the probate real estate properties and the names of the executors.
When a person dies without a will, the probate records will supply you the name of the person who has been assigned by the court to handle the estate. The assigned executor is usually a spouse of the deceased or a direct relative.
The next bit of research you will need to do on the probate real estate properties is to review the records of deed. These deed records will inform you if the probate real estate properties are owned outright or if they have been mortgaged.
Probate real estate properties under mortgage are your best bet for finding a good investment deal. Since the estate must make all of the mortgage payments, utilities, and service payments involved with the probate real estate properties, there is a distinct possibility the executor may have to decide to sell some or all of the probate real estate properties involved.
Of course, probate real estate properties carrying a second mortgage are even better bets for the investor.
Once you have gathered all of this information on the probate real estate properties, you will need to contact the executors of the properties you feel present the best opportunities. You can contact the executors by email, letter, or telephone.
Each investor generally has an approach with which he or she is most comfortable. No matter how you do it, it is important that you use tact and sincerely express your regret for the decedent’s passing. Remember that, in most cases, you will be speaking with a close family member of the deceased.
Express your interest in possibly purchasing the probate real estate properties. Most executors are not aware that they can sell real estate property in the midst of probate proceedings.
Probate real estate properties can often be purchased well below market value because the estate cannot afford to wait for the time it would take to close on the property in a standard real estate deal.
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3rd generation real estate investor