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The Probate Process And Real Estate Investing

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					You can find some of the most profitable real estate investing deals in probate real
estate.
  Several factors make them especially attractive for investment. The following is a
brief summary of how you can make money in probate real estate investing.
  Probate properties are properties titled to a person who is deceased. Once a person
dies, their estate is inherited by heirs or beneficiaries.
  The probate process involves clearing the outstanding debts and releasing the
remaining to the heirs. For example, if there is property to be inherited and some
uncleared mortgage, the sale of the house will pay any outstanding debt and the
balance goes to the beneficiaries.
  During the probate process, the beneficiaries are responsible for expenses associated
with real estate, such as making mortgage payments, maintenance such as cleaning
the yard, etc. The property can therefore cause distress to beneficiaries.
  An administrator (executor) is appointed to settle the estate. An attorney is the most
common administrator. Sometimes a heir can be appointed as the administrator. This
is done to reduce attorney expenses.
  Beneficiaries therefore need to sell the properties fast to reduce expenses.
  The estate will pay Realtor commissions if they sell through a Realtor. Selling to a
real estate investor will minimize these costs for them.
  Sometimes they need to fix the house before they can sell it. If they cannot afford
repairs, then a real estate investor may be the best buyer for such a property.
  How to locate probate properties All probates are recorded in the county court
records. There are 3 sets of important information: The deceased, the administrator
and the beneficiaries. When investing in probate real estate, you must periodically
check court records for new filings.
  The next step is to verify if the deceased owned real estate, again from the county
records. The name of the deceased is a good way to start. Sometimes, the property
may be in the name of the estate, such as John Doe Estate.
  Finding outstanding debts is also important. If this is not possible, I usually get this
information from the beneficiaries or administrator.
  Then you need to contact the administrator AND the beneficiaries. This is because
the administrator can change from an attorney to one of the beneficiaries appointed by
the court. This is very common.
  Also, if you do not have the correct addresses, any letters to the beneficiaries will
find their way to the administrator of the estate.
  You do not send postcards. I usually send a series of nice, sympathetic letters every
30 days for 6 months. I offer my sympathy for their loss and express to buy any
probate properties they may have. When the times comes to sell, I will be the first
person they contact. Then I will make the deal happen.
  Follow the same steps to make a lot of profits in probate real estate.
  Simon Macharia is a real estate investor who buys and sells houses in Texas. Learn
how you can run your real estate investing business and automate it from an
interactive            real         estate         investor          website        from
http://www.RealEstateInvestorsWebsites.net

				
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