Hi…I’m new here…I was wondering if anybody here does any work in the probate area. I’m in a part of California where I believe there would be plenty of these deals, but not exactly sure how to get started. Can you find out all you need to know… like who the executor is, property address, etc… at the courthouse?
Not a probate investor but have dealt with the subject from the other side. Probate cases are a matter of public record and therefore you should be able to find this information. Many people create living trusts to hold and manage their assets so as to avoid probate costs and the associated public disclosures. Ask around the courthouse they will direct you to the info.
I’m doing a probate deal now. These are a little tougher to close, a few more documents to file by the probate attorney and etc.
Mine was in preforeclosure also. I got it because my wife reviews the local customer access MLS every morning and saw the home the first few hours of when it posted and we already knew that there was a foreclosure on that street. Probate foreclosures usually survive through the preforeclosure period because the owner is impossible to locate and the property has to go through probate. Many are listed on the MLS as soon as the probate attorney begins the process.
After a few quick calculations and verifying the mortgage, I wrote a FAR/BAR AS IS contract and faxed it to the Realtor subject to a few conditions and to inspections. We got the deal and are closing within several weeks. There 22 back ups from everyone that had to see it first. But we’ll close it.
215K, purchase, offered 222k to add 3% of closing cost to the seller side (the lender didn’t like that one because of the listing price, but capitulated), appraised at 288k immediately, 330k ARV.
Th probate attorney handles most of the seller side. I requested owners title because I put down 10%. These things often close just like a regular contracts.
I also bought two tax deeds for vacant property that got left out of a probate because the dependents didn’t want wetlands issues for a mere pittance. Made an extremely massive amount of money in the final sale after curing title.
There are now tried and true ways to find these properties. Mailings to probate attorneys. MLS searches for foreclosures. Death notices (although a bit ghoulish could probably be cross referenced with property records and followed to a sale.)