How to Find a House in Probate
There are a variety of resources available to you when seeking a home to purchase. Of course, you can shop for a residence on the traditional, open real estate market. However, if you want to save money on the purchase of a house, consider locating a property in probate. There are some strategies to employ in your hunt for a house in probate that will enhance your chance of finding an ideal property at a price the benefits your budget.
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Instructions
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Review the legal notices in a newspaper of general circulation. The Uniform Probate Code and related laws require the publication of legal notices relating to the opening of probate estates. By monitoring legal notices, you stay abreast of new probate estates.
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Visit the clerk of the court at a nearby courthouse and request a copy of the inventory of a new probate estate opened in your county. Typically, an inventory is filed within 30 to 60 days of the initial filing of a petition to enter a will into probate or to establish an estate for a deceased person without a will. The inventory includes a list of all major assets of the estate, including real estate.
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Note the address (or legal description) of any piece of real estate included in an estate inventory that may be of interest to you. Although at this juncture you do not know with certainty whether that property will be placed on the market for sale or auctioned, keep in mind that a large percentage of probate real estate ends up being sold.
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Contact either the attorney or the executor or administrator for the estate. Explain that you have an interest in pursuing the possibility of purchasing a piece of real estate listed in the inventory of the estate. The attorney or representative of the estate will advise you of the likely plans regarding the real estate.
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Tips & Warnings
Consider engaging the services of a professional real estate broker to aid you in locating a house in probate. Experienced real estate brokers have a network and resources that make finding an appropriate property in probate far easier.
If you intend to enter into a contract to purchase probate real estate, make certain that you have the property inspected thoroughly. There are instances in which real estate in an estate is not in the best condition. Therefore, you need to factor in the cost to rehabilitate the premises when making an offer or entering a bid at auction on probate real estate.
