Opportunities in Probate Real Estate Investing

Opportunities in Probate Real Estate Investing By Sherry Ann Smith 

The opportunities in probate real estate never cease. In many cases, properties must sell. In many other cases, the sellers need the sale quickly. However, probate real estate is a specialty with its own set of sellers. It usually moves much more quickly, and thus more profitably, than other forms of real estate.

The Basics

Probate is a legal process through which the belongings of a deceased individual are disbursed. An executor is assigned to administer this process. The power of the executor varies by state and case, all under the authority of a judge. Thus, any property holdings will be handled with the other belongings.
Often, as dictated by a will or state law, an heir will inherit property from the deceased. Unfortunately for the heir, taxes may be due on this inheritance. Worse still, there may still be a mortgage or two owed on the property. Commonly, there is more than one heir with joint ownership between them.

All of these situations may dictate that the probate real estate be sold in order to split up the assets. Of course, if these heirs do not agree to the sale, things can get messy and require the judge to step in before a decision to sell is made. In most other cases, the individual heir or the executor can make the decision to sell. There are enough of these cases to create a lot of income opportunities in probate real estate.

Get a Jump on Probate Listings

In the majority of cases, probate wills are listed in public records at courthouses. So all you have to do is do some old-fashioned data mining to find people who are very motivated to sell. Do not be afraid to approach these people to see if they are interested in turning their inheritances into cash. Some will be willing to take as little as 75 cents on the dollar for a quick sale, making it easy for you to turn a quick profit off of their probate real estate sales.

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