Probate properties refer to real estate owned by a person who is deceased. Probate refers to the legal process used to verify property ownership and determine rightful heirs. If probate real estate is bequeathed through the decedent's last will, real estate transfer documents must be filed through the court. If no Will exists, the court must adhere to probate laws to determine who is entitled to inherit the property.
Probate properties can be held in probate for several months. All expenses associated with the property must be paid by the estate until probate settles. Costs might include mortgage payments, property taxes, homeowners insurance, homeowner association dues, and maintenance expenses such as lawn care or repairs.
Probated estates are managed by a designated estate administrator. The probate executor is designated within the decedent's last will and testament. When decedents die intestate (without a Will), a probate judge will appoint an Administrator through a court confirmation hearing.
Estate administrators are responsible for all aspects of estate settlement. When real estate is involved, probate executors should enlist the services of a real estate attorney to ensure appropriate legal documents are submitted.
All expenses are paid through the estate. If the decedent does not have sufficient funds to cover outstanding expenses, probate properties can be sold to reduce financial burdens. When probate properties are titled as joint tenancy, each beneficiary must agree to the sale. The exception is when probate real estate is required to be sold by a court order.
Selling probate property can alleviate multiple problems for estate administrators. This is particularly true when real estate is located out of state. Since administrators must care for the property throughout the probate process, additional expenses are required for overall maintenance.
The personal probate representative must either travel to oversee the real estate or hire a property management group or maintenance crew to ensure the premises are secure, take care of landscaping or make necessary repairs.
Probate properties are often a great investment for real estate investors and first time home buyers. When estate administrators need to sell probate homes to comply with a court order, they need to sell the property quickly. It is not uncommon to purchase probate houses below market value.
One way to locate probate real estate is to visit local courthouses where probate cases are handled. Probate Wills are a matter of public record and investors can locate pertinent estate information by reviewing submitted Wills.
The sale of probate properties is usually handled by the estate executor. Investors can locate contact information within the last will. Investors should also look up property records to determine the value of the property, tax records, property deeds and if any outstanding tax liens or judgments are attached.
When contacting probate administrators, be certain to express condolences. Explain that you are interested in purchasing the probate property. If the administrator is not interested in selling the home, do not push the issue. Thank the probate executor for their time and move on to the next probate property for sale.
If you are an estate administrator and need to sell probate property, Simon Volkov might have a solution for you. Simon is a California real estate investor who buys probate homes in Washington, Arizona, Nevada and Orange County, California.
Simon is a probate liquidator experienced in working with estate administrators and heirs who need to sell real estate holdings. He possesses the experience and knowledge to expedite the probate process; allowing heirs to obtain their inheritance proceeds rather than watching them dwindle away by real estate expenses and court fees.
We invite you to submit information about probate properties through our "we buy houses" form. Upon receipt of your information Simon will contact you to discuss available options. Don't allow lawyers and courts to eat away your inheritance money. Fill out the form today and relieve the burden of dealing with probate properties.
Published on February 19, 2010 at 03:53 AM
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