Probate Real Estate
Probate Real Estate – The Truth of the Investing Arena
By Buyincomeproperty.com
Oct 11, 2005, 02:05

The mere mention of probate real estate is enough to send people running for cover. But is this legal process really all that tangled? While some investors tout buying probate real estate as the easiest way to get rich quick, others mention the legal nightmares around some probate cases and advise potential investors to steer clear of any real estate in probate.

So what’s the truth of this issue? Probate real estate – either as investment property or for personal use – is probably a bit of both. Cases vary and state laws dictate how property held in probate is going to be handled. These and other issues will determine how the ease with which probate real estate is disposed.

There are some real advantages to purchasing probate real estate. Often, the heirs don’t even live in the area and are anxious to sell the house. Anxious sellers typically offer good deals to property investors. The heirs may even be in a financial dilemma with regard to probate real estate. If they’ve inherited only property, they may be desperate for money to pay tax bills, creditors and other debts owed by the state. Selling off all or a portion of the property can ease that burden. Again, this makes the seller anxious to speed the process – a great deal for the person interested in probate real estate investing.

For the heirs, selling that probate real estate may be the fastest and easiest way to dispose of unwanted property. Finding a willing buyer in the wings as the will is going through probate can be a good opportunity to do that without incurring real estate agent fees and other costs associated with selling property.

Because so many people think that buying probate real estate is a risky proposition tied down with legal issues, there is often no competition for the immediate purchase of this property. And if you’re an investor, that’s good news.

So where do you go about finding probate real estate? Remember that most records of this type are held by the county courthouse is the county where the property lies. And you should also keep in mind that county records are almost all public records. Anyone has the right to view these records, including probate real estate records. Title companies are also a good source of information.

Obviously, it’s not as easy as walking into a courthouse and making an offer on probate real estate that’s going to be immediately snatched up. If it were that simple, more people would be investing in probate real estate, despite the fears of the legal system.

Get the facts before you start. Take time to learn what the probate laws are in your state. Next, find out where probate real estate records are kept, and meet the people in both courthouses and title companies who can help you quickly sort through the information.

Finally, remember that you may have to be patient. Just like buying property outright isn’t a ten-minute proposition, buying probate real estate is going to take some time.