OfflineSome good info I found while researching probate sales - OMG that conference was a GEM! The ideas and strategies just keep flowing.
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Are you looking for a ready market of motivated home sellers who are often willing to sell at a deep discount -- a market where you'll have little to no competition at all?
If your answer is 'who isn't?', then there's a slew of real estate investors who want to tell you their secrets to buying probate real estate. According to many of them, probate real estate sales are easily the single most profitable area of real estate investing.
What Is Probate Real Estate?
When a person dies, their estate - all their worldly belongings - often goes into probate court, where a judge appoints an Executor to oversee its administration. It is the Executor's job to make sure that the belongings are divided fairly and according to the decedent's wishes. Depending on the state, the judge may also give the Executor different levels of power.
Why Are The Owners Of Probate Property So Motivated?
In many cases, when an heir inherits property, they inherit a burden. There are estate taxes to be paid, repairs that must be made, even, in some cases, a mortgage or second mortgage that must be kept up to date. Ready cash may be more important to them than any other factor.
Add in the fact that there are often multiple 'owners', and many of them may live far away, and you have a situation where selling the house is the best, sometimes only option to make sure that everyone gets their fair share of the estate.
Isn't It Illegal To Sell Property That Is Being Probated?
It's commonly assumed that sales of real estate in probate are extremely difficult, if not impossible. The truth is that, in most cases, the Executor has the power to make a decision to sell - as long as he has the agreement of all the heirs to the estate. In some cases, he or she may also need the permission of the court, but even if that happens, the agreement of all the heirs will usually be all the judge needs to approve a sale of real estate. Research the laws in your state for any requirements - for instance, some require that the property be listed through a licensed realtor.
How Do I Find Properties In Probate?
Wills in probate are a matter of public record. A little research at your local courthouse will get you a list of all wills presented for probate. A little more legwork will turn up records of deeds to properties held in their name. It's all a matter of a little research to find properties whose owners are eager to sell, and sell quickly.
How Do I Contact People About Buying Their Inherited Property?
Unlike foreclosure sales, where the owners are being forced to sell when they don't want to, many heirs are eager to sell their property quickly so that they can use the cash realized. You can send out letters or postcards, make a phone call, and even pay a personal visit. Just keep in mind that you are offering a solution that they may not have considered - ready cash. In many cases, they'll be happy to accept an offer for as little as 75% or less of the market value of the house just to get it sold quickly, and will do anything they need to do to help the sale go through.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Thank you for sharing your information....It's really very useful...
Investing in real estate has become increasingly popular over the last fifty years and has become a common investment vehicle.
Although the real estate market has plenty of opportunities for making big gains, buying and owning real estate is a lot more complicated than investing in stocks and bonds.
In this article, we'll go beyond buying a home and introduce you to real estate as an investment.
Florida Closing Cost
I just bought a great ebook on Probate and am now sending letters to exectutors of estates. Another great tip I learned was to find the paper in your area that publishes Probate Notices (they maybe called death notices, estate notices or notice to creditors.) This is not your local paper that has the obituary section in it. It is a paper that gives you more indepth information about who the exeutor is, etc. Here are a couple of links that might be helpful to find this paper in your area www.primetimenewspapers.com or www.publicnoticeads.com. If you do not find your area at either one of these sites you can call a probate attorney in your area and ask them the name of the paper that publishes probate notices. They should be able to tell you this info.
If you cannot find this paper for some reason the courthouse is still a great resource. If you dont have the time for this research you might think about hiring a couple of students to get this info from the courthouse and pay them $3 to $5 per lead they bring you and a $500 bonus if you should sell the property a lead brings. Just a thought.
I am by no means a guru in probate, I am just adding it to my REI arsonal. If anyone wants the information of where I received my knowledge just PM me and I will get you the info.
Thank you both for adding to this post. MOre good info is greatly appreciated and thats what we do here - share
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I think most of us that are struggling need to keep going in all directions.
Get your 10-15 offers in and while your waiting for the results of those offers, look for probate and abandon properties.
Question is, why are we not getting deals yet. We need to do more and not just focus on 25:1 strategy.
Look what all of us are trying to do here. ASSIGN REO's which is probably tougher to do than other strategies.
Jason S.
San Diego, CA.
**All CASH House Buyer!**
Refer Us To Neighbors, Friends & Family, Earn $1,000
LIKE my FB page http://www.facebook.com/JandBHouseSolutions
Awsome Anita, It is funny you wrote this,my wife just called and told me I should see the commercial she is watching where you get properties for $300.00 and the steps to do it.
(John Beck)
I told her don't believe it, I saw his commercials and don't believe that is possible. Maybe once in a life time if your really lucky. Like Dean says show me how you can get a property for that price. some of those homes they show are just beutiful.
I will stick with Dean and this great extended family i now have.
Richie.
Its wonderful having you here Richie and all I can say is STAY TUNED - Dean has some awesome things coming our way and you may be surprised at what you find.
I have seen those infomercials too but once you really get into it - he is buying in low income rural areas where you the homes dont really hold much value and so its easy to pick them up like this. Mobile, and Prichard Alabama are perfect examples of these types of areas.
Just hang in there and pretty soon your wife will be telling others how YOU do it - step by step...(smile)
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I think this may a great avenue for you to investigate.
If I brought back one thing from the conference it was - FIND A STRATEGY THE WORKS FOR YOU AND STICK WITH IT -
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Jason you will just have to trust us (Rina and I)...lol...great things are coming that will give you a whole lot more info than we ever could.....be patient.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
you're gonna get me in trouble. lol
Anita, do you think that was even too much? you know what to do if so.
Like I was telling you, Dean has a new program coming and I think it will be for sale to all. I just gave you those 2 little tidbits from my notes since you asked about probates.
Thanks,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
CANT WAIT to hear about it. I know it is going to be awesome. Thanks!!
Hi everybody.
I put this comment in the EDGE private network, as I could not find any forum just for probate. But you guys seem to know quite a bit about this issue, so here it is again, and thanks in advance:
I got the EDGE package, looked at the material again and again with excitement, and was ready to start.
So last week I got a list of NTC (notice to creditors) from the papers, wrote for myself the names and document numbers, and this morning I went to the county court to go on with the process.
I used the numbers from the NTC and found some probates that are still open, and their records show that there is a property there. There were even estimates of the properties. Sounds promising, no?
BUT.... nowhere in the documents it says where the deceased used to live, or what is the address of the properties. How do I get to this info? name alone doesn't help, as the tax records doesn't give any info just by name - I have to give address to get a name.
There must be a way.....
Thanks for your help
I love reading your posts! They just keep getting better and better. Packed full of information.
Geri
just got a hit. We've had it up for a couple weeks now and even though some bugs have to be worked out, that was pretty cool. THANKS DEAN!
Lea has been communicating with the helpful people at the courthouse and she has sent out some postcards to a few personal reps. I guess it's paying off.
Believe me when I say this, having gone thru probate myself, this is a great service to offer. Follow Dean's advice,especially Google Adwords. Now it's time for me to go fine tune my own adwords....THANX DEAN.
Denny
SPR PROPERTY SOLUTIONS,LLC
When I enter the home owners name (the deceased) at the tax records website the property (and others they may own) come up. It tells you what they paid for the property, when they purchased it and details about the house. Hope this helps.
Lea
SPR Property Solutions, LLC
Thanks, Lea
I must be missing something. The tax website doesn't show details just by name (e.g. https://www.montgomerycountymd.gov/apps/tax/index.asp ).
Besides, if I could get the info from there, why go to the court at all - the names are on the NTC already?
Please help me understanding, I really don't want to stop now!
Your cities website is different than ours. Ours has a place to search by property and owners name. You could call the tax assessors office and ask them how to search the records (as Dean recommended in Probate finder.) When I called our tax office they were very helpful and walked me through the process.
Please forgive Denny for saying that I go to the courthouse. We divide our tasks and aren't always up to date on the small details of what the other one is doing.
I hope this makes sense and is helpful to you.
Lea
SPR Property Solutions, LLC
Thanks again for your time and advice.
I just called the county, and they are not ready to give any details. They were kind enough to give me details of one person, but they mentioned it is not a regular public service. ;-(
Any idea how I can get this information in a different way?
You may want to call them again in hopes of talking to someone different. Like I said the folks at the tax office were very helpful (and knowledgeable.) But a few years back when we had a small business and applied for our occupational license we were given different information from each person we spoke to.
Lea
SPR Property Solutions, LLC
At our court house they have a couple of computers for the public to access the information you are looking for. They are located in the County clerks office. Our clerks were even able to show us how to search/look up the information we were trying to obtain. I know it is not the same a being able to do it all online, but I just take my list of who/what and it only takes a few minutes to get "All the Details" I'm looking for.
Marcus
Unfortunately, a personal courthouse visit seems to be in order for you. We come from a small town also, and what I'd really like to get electronically just isn't available.
Be patient and professional with the staff and I think you'll find them helpful. My approach involves letting them know I just need to know how to do it once to help relieve their burden of helping me each time I come in. That seems to take away any tension.
You're headed in the right direction, just need to push thru this obstacle.
Without a vision the people parish. Prov 29:18
Thank you all for your assistance.
The problem was not to get the probate files. I spent two and a half hours at the courthouse yesterday and got all the needed info.
The problem was that the documents didn't have the address of the property, and the tax office would not give me the details just by name.
I now have 3 solutions:
1. Calling the tax office again (as Lea suggested) with the hope someone else will be more helpful and will show me the way how to get the info. If this doesn't work, then
2. Going to the tax office (as Marcus and Hclinc suggested) and try to talk to a clerk in person. If this doesn't help, I can still go to
3. Trying in another area. DC is not far away, and I already checked that they have an online service. The area is less familiar to me, but I can not stop now. I have to do it one way or another.
I'll try all of this tomorrow and will share with you.
Just wanted to let you all know that your response motivates and helps a lot. Thanks.
Great info. thanx all!
The only way to predict the future? CREATE IT!
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Success is predictable!
I'm looking at probates as an area of interest, and wanted to inquire if there is any updated information on this area, and also how the APF tool is working out for anyone using it? Thanks!
Kim
"Imagination is everything. It is the perview of life's coming attractions."
Albert Einstein
Here's my 2 or 3 cents.
Regarding probate property listings. You need to search in the probate files for the Inventory and Appraisement Form. It usually lists the exact address of all real estate properties and their appraised value.
Pssssst.....has anyone read Jim Bank's book? (Secret connection to the dx xxxxxy) SORRY CONFIDENTIAL. NOT BROADLY KNOWN.
Lagy, I know it's been a long while since you posted but here is the answer to your question: you are looking in the wrong place. The information you need is registered with the county tax assessor's office, not the county at large. I hope this helps and I hope you have not yet given up the hope.
Anitarny,
I read your post and am wondering how is it going?
Do you have any words of wisdom on do's and don'ts - would love to hear back from you.
looking forward too it.