| Probate real estate investing involves buying property | | | | required to maintain payments throughout the |
| from probate estates. Probate is the process used to | | | | duration of probate. |
| inventory and distribute assets owned by someone | | | | If the property has a second mortgage against it, |
| who has died. Depending on the complexity of the | | | | chances are the heirs will need to sell the property in |
| estate, the probate process can last between six | | | | order to pay-off outstanding balances. The estate |
| months to three years. During this time the estate is | | | | administrator is authorized to make decisions |
| responsible for maintaining the property and paying | | | | regarding the sale. However, if multiple heirs exist, |
| mortgage payments, utilities and insurance. | | | | they must all agree to sell real estate held in probate. |
| Probate real estate investing provides an opportunity | | | | In some instances, the estate may require permission |
| for estate administrators to sell real estate holdings. | | | | from the probate judge to sell real estate holdings. |
| This is particularly beneficial for administrators who | | | | Upon compiling a list of potential probate real estate |
| are struggling to pay mortgage payments or maintain | | | | deals, investors will need to make contact with the |
| upkeep on property held in probate. | | | | estate executor. This can be done by phone, mail or |
| The first step of probate real estate investing | | | | in person. When contacting the estate administrator it |
| requires a visit to the local courthouse where probate | | | | is imperative investors be respectful and offer their |
| matters are handled. When an estate is placed into | | | | sincere condolences. |
| probate it becomes a matter of public record. The | | | | Most estate administrators and beneficiaries are |
| majority of information regarding the estate can be | | | | unaware they can liquidate real estate during the |
| located in the decedent's Last Will and Testament. | | | | probate process. Offering to purchase their property |
| Typically, the Will designates the estate executor and | | | | could solve their financial problems and provide |
| outlines how the decedent wishes to have their | | | | investors with instant equity in their investment. |
| personal belongings and financial assets distributed. | | | | Oftentimes, real estate can be purchased well below |
| If the decedent dies without executing a Will | | | | market value when heirs are in need of immediate |
| (intestate), probate records will indicate who has | | | | cash. |
| been assigned to administer the estate. Generally, this | | | | Probate real estate investing does not require special |
| is a direct lineage relative. However, if the decedent | | | | training. However, investors who engage in buying |
| has no living relatives or no one accepts the position | | | | probate properties should possess solid |
| of estate administrator, the probate court assigns an | | | | communication and negotiation skills, along with a |
| outsider to manage the estate. | | | | sense of compassion. |
| Once the Administrator's contact information is | | | | Investing in probate real estate offers multiple |
| located, the next step requires a search of deed | | | | opportunities to obtain profitable deals. While it |
| records to locate real estate held in the decedent's | | | | requires a bit of detective work and negotiating with |
| name. Records of Deed record land ownership and | | | | distraught and grieving heirs, when conducted |
| transactions. When real estate is transferred or sold, | | | | properly probate real estate deals provide a win-win |
| a new deed is recorded. Deed records reveal if the | | | | situation to all parties involved. |
| property has a mortgage. If so, the estate is | | | | |