Archive for probate real estate properties
Do Your Research in Dealing with Probate Real Estate Properties
Posted by: | CommentsThere is a lot of homework that is involved when you are in the middle of dealing with probate real estate properties. The one thing that you need to know is that these proceedings tend to be a matter of public record and many times take place in a courtroom.
This will be an important part of your research for dealing with probate real estate properties.
The person who has recently passed their will becomes part of public record, during the probate proceedings. Do your research properly and you will be able to find the name and address of the executor of the property as well as the address of the probate real estate properties in question.
If in fact the person passed away without a will then you will need to contact the person assigned by the courts to oversee the property. Many times this is a spouse or close family member.
Look over the deed of the probate real estate properties, see if the property was owned or if there was a second mortgage on the property.
Many times if there was a mortgage or even a second mortgage then you will be able to save money on the purchase of the probate real estate properties and as a result will make a substantial savings in the end.
After you have made all of the research that you need to do it will be time to try making contact with the family of the person who passed as you will need to make an offer to buy the probate real estate property and as a result help the executor of the property.
Many times the person is not aware of the fact that hey can sell while probate proceedings are occurring. Make it a point that your intention and make sure that you come across with regret of the person passing.
I’ll share more with you soon…
Warm Regards,
Mark Walters~
3rd generation real estate investor
How to Find Probate Real Estate Properties
Posted by: | CommentsWhen you are looking into making an investment into probate real estate properties it is an important thing to realize that you are going to have to do your homework.
Probate proceedings tend to take place in a courthouse and are often times a matter of public record.
It is also important that you know that during these proceeding the person who died their will is made public as part of the proceedings. If you research the will then you will be able to locate the name of the executors as well as the probate real estate properties physical address.
If the person died without leaving a will then you will be able to find their name of the person that has been assigned to handle the property on behalf of the courts system, many times this can be a relative or spouse.
You will need to make sure that you review the records of deed for the probate real estate properties and find out if the property is owned outright or if there is in fact a mortgage involved.
If the property is under a mortgage then you can get a little better of a deal as you will jot have to worry about such matters as the estate is responsible for making all payments that are needed. If the property is under another mortgage then you will have hit the jackpot on finding a property to invest in.
After you have gathered up all of your research then you will need to make it a point to contact the executor of the property that you think is your best bet. It is up to each investor as to how they will make contact.
Many times this needs to have personal feel to it so the person does not feel that you are just prying on their recent loss. You will need to be sincere in your contact and express regret for the persons passing.
Express the intention that you would like to purchase the probate real estate properties from the executor Often times an executor does not know that they can sell while in a probate proceeding.
I’ll share more with you soon…
Warm Regards,
Mark Walters~
3rd generation real estate investor
Researching Probate Real Estate Properties
Posted by: | CommentsWhen 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.
I’ll share more with you soon…
Warm Regards,
Mark Walters~
3rd generation real estate investor
