| Probate properties are great properties because the | | | | winding up the estate as soon as possible to they |
| sellers, who are the heirs of the descendent, are | | | | can distribute the assets to the other heirs. If the |
| motivated. The properties can be purchased at a | | | | heirs did not reside in the home, they are not |
| discount because the heirs are generally in a hurry to | | | | obligated to give you any disclosure statement about |
| sell the assets and distribute the proceeds. Some | | | | the property. It will be up to you to conduct a |
| probates need court approval if the property was | | | | physical inspection. |
| conveyed by a will to the heirs. Generally where | | | | Court Over Bids |
| property is owned by a husband and wife, title | | | | If you are making an offer on a property that needs |
| transfers to the remaining spouse and does not need | | | | court approval, there is a change that someone else |
| court approval. | | | | could over bid you at the court hearing. So be |
| There are several resources to use to find a probate | | | | prepared to pay a higher price for the home than |
| property, which include the following: | | | | you originally offered should other bidders come to |
| County Recorder's Office. | | | | the hearing and bid. If no one bids, then the court will |
| Court Records | | | | most likely approve your bid. Your Realtor will be able |
| Estate planning and probate attorneys and paralegals. | | | | to advise you of the best price to offer. |
| Newspapers | | | | If you are not involved in a court approved probate, |
| Internet websites | | | | then just make an offer through a Realtor if the |
| Realtors and MLS | | | | property is listed with a Realtor or make an offer |
| Drive the neighborhood looking for vacant or | | | | directly to the heirs by delivering it to the Executor if |
| abandoned properties | | | | there is no Realtor involved. |
| Contacting the Heirs | | | | Strategies |
| Court records will contain the name of the Executor | | | | If no court approval is required, then offer a |
| of the Estate and the contact information if a formal | | | | reasonable offer and close quickly. You have a better |
| probate proceeding is filed. You will then need to | | | | chance of getting your offer accepted by the heirs if |
| write a letter to the Executor introducing yourself | | | | you close quickly. If you have cash, even better. |
| and advising the Executor that you are interested in | | | | They usually want to sell the assets and wind up the |
| purchasing the home. | | | | estate as quick as possible so use that to your |
| Working with a Realtor is a smart way to go when | | | | advantage. |
| trying to find a probate since most of the time the | | | | If court approval is required, then offer a little bit |
| properties are listed with a local Realtor and | | | | higher in case someone else tries to overbid you at |
| advertised in the MLS. The heirs generally live out of | | | | the court, but not too high that you are over paying. |
| the area and do not have time to try and sell the | | | | Your Realtor can help you with this strategy. |
| home on their own. | | | | Purchasing a probate property can be a good |
| As Is Sales | | | | investment. Most probate properties need rehabbing |
| Probate sales are "as is" sales. The heirs generally do | | | | of some kind so keep that in mind when making your |
| not want to make any repairs and are interested in | | | | offer so that you budget enough for repairs. |