How to Buy Probate Properties
Probate estates are properties whose ownership has not automatically vested in the heir of a deceased person. The will must be processed, and sometimes the property is in poor condition. The probate process can often take a long time, and can be an investment opportunity if the heirs are eager to sell. Many people would prefer an inheritance of cash rather than a fixer, which may present an opportunity for you.
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Instructions
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Check the obituaries in your local newspaper. Make a list of names of the recently deceased. Keep in mind that you will not be dealing with any families directly in the beginning, and perhaps not at all.
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Visit the county's tax assessor website, or go to the office in person. You might be able to access property records online, but if not you can find them through public access computers when you visit their office. Do a name search in their database to find any matches.
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Run the addresses through Google maps, and do a street view. See if the neighborhood is good and what condition the property is in. Most of the time the image is out-dated, but at least you'll get an idea of what the neighborhood's like.
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Run the address through zillow.com. This will give you an approximation of property values in that neighborhood.
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Narrow down your list. Get rid of the ones that look really bad, or that are in areas you'd never step foot in. Drive by the property and take pictures if possible. Keep in mind that there may be heirs living there for the time being.
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Call the probate court. You'll want to ask for the name and contact information of the administrator of the estate. When you contact the administrator, find out if a purchase is even possible. If so, schedule a time to meet and discuss the details.
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Negotiate a deal. The administrator is the person who is processing the will for the heirs, and who will negotiate deals on your behalf. If the family has no emotional ties to the property, chances are they'll be willing to liquidate. Keep in mind that the will must be processed first before the property can be sold.
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Be sensitive and aware of people's emotions. When and if you end up dealing directly with the heirs, keep in mind that they may have had a very close relationship to the deceased. After you close the deal, fix, rent, sell or keep the property for yourself.
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Tips & Warnings
Be patient, the process could take a while.
Be sensitive; probates are the result of someone's death.
Resources
- Photo Credit yolo.net
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Comments
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hmmmm - interesting!
