The Ins and Outs of Buying Probate Real Estate
If you are interested in purchasing real estate you should take a look at what might be available to you via an estate or probate sale. With some regularity people like you have been able to obtain “good deals” on the purchase of real estate via an estate sale. There are some considerations to bear in mind when it comes to purchasing real estate through an estate.
On the other side of the coin, if you are involved in dealing with the real estate of someone who has passed away, there are some facts and considerations you need to understand as well. This article is designed to provide you a general overview of the ins and outs of selling and buying probate real estate. After considering this general information, if you want to learn more about selling and buying probate real estate, the Definitive Guide to Plan and Execute a Lucrative Estate Sale is an invaluable resource for you.
Buying Real Estate During the Probate Process
At the heart of the process of buying probate real estate is identifying properties for sale. There are a number of strategies that you will want to consider following when it comes to buying probate real estate. By utilizing these tactics you place yourself in a better position to enjoy success when you are interested in purchasing real estate that is being sold by an estate.
There are a number of ways in which you can locate real estate being sold by an estate. You should strongly consider taking a comprehensive approach to purchasing probate real estate, taking advantage of these different avenues for finding property being sold by an estate.
The first step you will want to take when seeking probate real estate is to contact local real estate agents. Oftentimes, real estate agents will have probate property among their listings. In other words, the executor or personal administrator of an estate will engage the services of a real estate agent to sell a piece of property that is part of the assets of the estate of needs to be sold.
Not all probate real estate will be placed with a real estate professional for sale. This type of property may also be auctioned off during the probate process. Because of this reality, another tactic to employ is reaching out directly to the probate court in the county where you are interested in buying real estate.
In some locales you will be able to contact a person with the clerk of the court that can provide you information about pending probate cases. In the alternative, a majority of courts in the United States have public computer portals through which you can obtain information about pending probate cases.
One of the documents that will be on file in a probate case is what is called an inventory. Within the inventory you will be able to identify any real estate owned by an estate that may be put up for sale. If you find an estate with real estate that is of interest you then take these steps:
· Contact the attorney for the estate or executor (the contact information for these individuals will be contained on the court’s docket for the probate case).
· Request information from the attorney or executor about the state of the property, how a sale will be handled (on the market or auction), and whether an asking price has been established.
A third way you can identify sources of probate real estate is to review the local newspaper. As part of this review process you will want to look at the obituaries as well as legal notices where estate sales and auctions may by listed.