Offlineaight aight before everyone starts jumping me for acting like a greedy investor, being insensitive & disrespective towards the dead & starting such a sensitive topic; I have absolute respect for the decease person who's no longer on this earth and my condolences goes out to their families for their lost. I'm only thinking outside the box at this moment after witnessing numerous hearses & rest of funeral possession pass by on its to graveyard. Reality is, everyday, somebody dies (obituaries are an unexploded gold mine waiting to heave it's treasures) and leaves behind property either bequeath to someone in their family or not at all (another sad fact). Some of decease's children will opt to keep the property in the family but for others it will become a burden. And prolongs their grievance for the decrease.
How does one find out from the obituaries whether the person actually own any property? What would be the appropriate waiting period (time) to approach the family about acquiring the property? How long does a property take to go through probate especially here in Georgia? If the state acquires it, when there's no one to will the property to how does one go about buying the property from the state?
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Probates are a very profitable business. To find out if they own properties look at the tax assessors web site...If they carry in a LLC it may not show up as their property. You have to watch the legal paper and find out who the executor/executrix is and make contact with that person.
They are the person that is responsible for overseeing, paying the bills, paying the taxes, monthly bills that keep on accumulating like utilities, inventorying the estate, distribution,sending out all the legal letters to everyone etc..
An approiate time to contact the executor is about a month into the filing time.
Depending on how big or complicated the estate is it will vary on how long it takes.
When you find out who the executor is call them and ask them how far along in the probate process they are. Let them know you can help eleminate a lot of the debt by buying the house that is a part of the probate. Yes...the property can be sold while everything is in probate.
The job of the executor is very stressful and they will be so thankful that you call and ask them what you can do to help the process along. Tell them you buy houses. The house will eat up a lot of the money if they keep it...so they are usually eager to sell and get it off the records.
If you want to also go in the business of cleaning out the deceased property you can acquire lots of unwanted items this way. Maybe the executor lives out of state and has no way at all of disposing of the stuff...you can tell you you will clean each room out for $125 per room...or something like that...plus you will dispose of all the stuff. Sell it on ebay or have a big sale.
I had been friends many years with the Cash family. (Johnny and June Cash). Johnny's estate itself took a little over 2 years to settle. Johnny's daughter Kathy tole me that her dad had enough stuff to fill about 4 airport hangers. They sold a lot of his things at Southerby's auction in New York. It is a long drawn out process and most are so happy to sell the house to help pay off debt that the deceased had.
Good luck!
Sissy
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
You NEVER cease to amaze me with your knowledge!
Good Grief my friend!
You could make a fortune in 30mins on RE Jeopardy! HA!
Love Angela
Wow, awesome advice...Thanks for sharing all of that...Alana, good question too...I am sure a bunch of people were wondering the same question/questions...
I like how ya think about cleaning out the property too, and making a little extra money...One way of thinking outside the box I suppose...Not something you really think of off the top of your head usually...
Thanks again for answering in such detail...Bookmarked it right away
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LOL! Thanks Angela. I just hope it helps someone.
Good Grief my friend!
You could make a fortune in 30mins on RE Jeopardy! HA!
Love Angela
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
Hi Atlcamel,
No offense taken by this post. Death is a part of life! It happens. One of the ways in my real estate days. I would spend time searching the obituaries and would research the names and address on the computer or phone book. If I was able to get the address I would make it my point to leave my card. When death occurs, it can be so overwelming for family, they are usually looking for any help they can recieve when there is an home involved. Alot of the times by going to an estate sales, they sometimes haven't listed the home. Usally then you will meet who's ever in charge of the sale of the home. Continued success.......Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"