I hear homes tied up in Probate can actually be easier and faster to complete than a Short Sale since many times the families want to just dump the property and not deal with all the stress in getting it and rather just a check.
Has anyone dealt with these homes and what is the best method of finding them?? I was told to get in with a probate attorney as well as cold calling out of the Obitutaries but that makes me feel like I am looking for an apartment in Manhattan (LOL)
Yeah I occasionally find a probate deal. I’m involved in one right now and it’s very promising but with one big problem.
The deceased owners youngest son is a total deadbeat and is currently residing in the basement of the house with his 2 smelly dogs and 2 smelly cats and refuses to exit. There was no rental contract, lease or anything and he pretty much sponged off her for years. He’s 39 and a real hot-headed loser who doesn’t want to work and it has caused numerous delays and aggravation on my end. Not to mention expenses.
He’s been served and has to be out by April 1st, provided he doesn’t go to Legal Aid and get some attorney to delay things even more.
Your best bet for finding probate properties is in the courthouse, specifically out-of-town PR’s who don’t want to deal with the hassles and just want to unload it. That’s been my best odds. Not as easy as some of the guru’s say it is, but 1 or 2 a year is all it takes to profit from.
Probate in California is a PITA. Even with a will, it has to go through probate. It gets appraised by the court, then listed with a real estate agent. They take bids and set a court date. They will take the highest offer, but then that offer is subject to “over-bid” which is a specific formula. It becomes an auction.
The exception to this is if the house was put into a trust. Which gets sold just like any other property. Which isn’t technically a probate since the trust eleviates the need for probate.