California Probate Realestate
California probate realestate is one of the biggest untapped real estate markets in the United States. Oftentimes probate houses can be purchased for pennies on the dollar because Estate Executors don't have the time or money to deal with them.
Estate Executors of California probate realestate frequently sell the property for less than it is worth. This is particularly true if the estate executor resides out of town or in another state. Selling the probate real estate can save them a tremendous amount of money in travel expenses, legal fees and other costs associated with settling the decedent's estate.
When property owners die their assets are transferred to Probate in order to assess their estate. Creditor and tax debts must be settled before property is distributed to beneficiaries and heirs. Depending on the circumstances, heirs may be forced to sell probate realestate in order to pay outstanding debts. Other times, they may desire to sell the property so they are no longer burdened with maintaining it.
Probate real estate can be purchased from the estate executor. If there are multiple heirs, they must all agree to sell the property. In some cases the executor must obtain permission from the court. In other cases the court may require the realestate to be sold through a licensed Realtor.
In most cases California probate realestate can be sold either through the Court Confirmation process or by using the Independent Administration of Estate's Act. If the estate is being managed through a probate attorney, most will require using the Court Confirmation process so the sale will be supervised through the court system.
In any given day, hundreds of probate cases are filed in the state of California. It's relatively easy to locate probate realestate. However, this is a delicate matter and contacting estate executors to purchase their inherited property should be conducted with the utmost respect.
Wills in probate are public record and can be located in local courthouses. Once you find property of interest you can contact the estate executor by mail or phone. When contacting them be polite and explain you are offering a solution they may not know existed. Oftentimes they will be delighted to accept an offer of 20- to 30-percent under market value.
Investing in probate realestate can be a profitable venture. However, it is wise to fully understand the process involved. If you are interested in buying or selling probate realestate, Simon Volkov can help answer questions you may have. He can be reached by phone during normal business hours or by submitting your information through the Contact page.
Published on April 27, 2008 at 08:17 PM | Comments: 6
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