Probate Real Estate Investing Expert Simon Volkov
Probate real estate investing involves buying property from estates held in probate. When someone dies, all of their worldly belongings are transferred to probate. An estate executor oversees the decedent's estate until all financial transactions are completed. In some cases, probate can take several years to settle; leaving beneficiaries with a heavy financial burden.
Probate real estate investing requires a visit to the local courthouse and a bit of detective work. Investors can locate potential real estate deals by searching probate records and reading the decedent's Last Will and Testament. Wills are a matter of public record and can be viewed by anyone who is interested. The exception to this rule is when a Revocable Living Trust is executed.
Pertinent information regarding the estate can be found in the Will including real estate holdings, financial assets and the estate administrator's name and contact information. Experts recommend searching probate records for estates valued at $100,000 or more.
Once you have located probate estates with real estate holdings, you will want to search deed records to obtain additional information about the property. Records of deed record land ownership and transactions. Each time property is transferred, a new deed is recorded. By tracking deed records, you can trace the history of the property all the way back to its origin.
Deed records show if the real estate has a mortgage. If so, the estate must continue making payments throughout the duration of probate. Oftentimes, the decedent's bank accounts are frozen, forcing heirs to pay mortgage payments out of their own pockets. In many instances, beneficiaries do not have available funds and could end up losing the property to foreclosure.
By taking time to search probate and deed records, you can learn how to quickly determine if an estate needs to liquidate assets. Oftentimes, real estate can be bought well under market value when heir apparents need immediate cash.
Once you have compiled a list of potential probate real estate investing deals, you will need to contact the estate executor. This can be accomplished by phone, mail or in person. It is imperative to be respectful and offer condolences for their loss. Explain that you are an investor interested in their real estate holdings.
Many administrators are unaware they are able to liquidate probate real estate. Offering to purchase their property could solve their financial problems and provide you with instant equity in your investment.
Published on September 08, 2008 at 02:42 AM
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