Probate Homes for Sale
Finding probate homes for sale: What is probate?
Probate is the process during which legal title of property (home) is transferred from the estate of the deceased person to beneficiaries. Beneficiaries are stated in a valid will or have to prove that they are legal heirs. Many heirs prefer to sell the real estate property immediately as dividing one or two probate homes is not an easy task. Probate courts handle the estates of died persons.
Often, children live in a different city and the probate house is vacant for months containing lots of goods that have to be removed.
Opportunities to buy probate homes
Here's how you can get in: Estates of the deceased are frozen until probate is given. Probate is not granted until the tax is paid. The beneficiaries or trustees have to find the money to pay the taxes. If they don't have enough money to cover their tax obligations, then, they have to borrow it. This is the time that is critically important for you to get in touch with the people who are in need of such money.
Most probate homes need repair
Don't get discouraged by looking at the old kitchen and bath with outdated appliances. This is an opportunity for you to upgrade and renovate for higher profits. People who lived in that home probably didn't care or couldn't find enough money to maintain it well due to their health situation. Review estimating foreclosure fixer upper repair costs or find a handymen to do it for you before you decide on the price that you will offer.
Probate home sale procedure
Here's a typical probate home sale announcement:
"The following is a listing of the real properties for sale along with their asking price, bid opening date and the real estate agent to contact.
Bid forms and information regarding the property may be obtained at the office of the Public Administrator, Room #, Civic Center, [name of county] or contact seller's agent." This notice is followed by the name of the person whose estate is sold, address and description of probate home, amount, names, telephone numbers, fax numbers, and email addresses of broker and agent. Photographs of the probate home are also provided in most cases.
Develop a tracking system in buying probate homes
There are so many probate homes for sale. You need to keep track of each and send letters and contact people on regular basis. You need to keep record of your contacts and monitor the probate sale process. Some probate home sales take months. Your patience will pay off. Pressure will build up on the side of beneficiaries and heirs toward the end of the process. And, you need to time your next move based on such information.
Establish your network for probate homes
Take note of information in obituary announcements in newspapers to contact relatives deceased persons. Establish good relations with attorneys specializing in probates and estate planning to get probate information before others. Finally, find probate court announcements for probate homes for sale.
Heirs of deceased people living out of state are more motivated to sell the property as soon as possible. You either buy directly from the heirs or from the executor of the estate.
Probate procedures change from one state to another
There is no single probate procedure applicable to all probate home sale in all states. Some states allow limited number of property pass to certain beneficiaries without probate. Some states have simple probate procedures depending on the value of the assets, including real estate property. You need to find out the differences in your state once you learn the basics of probate homes sales procedures.
See probate law - probate procedure by state for probate code provisions in your state.