Landlord · Dallas, TX · Member since 2012 · 505 posts · 34 votes
If the property has been deeded over to one of the heirs it is no longer considered an estate property correct?
For instance if Jane Smiths property on 123 Green Street is going through the probate process it is still an estate property. However, fast forward a couple months past probate court and the estate has been deeded over to one of the heirs, now the property is no longer in probate or an estate correct?
I like to think of any death lead as a probate lead. I know technically that unless the estate falls under the jurisdiction of the probate court it is not a official probate lead. Who cares, your can sort out the legal status later, the goal is the lead. Now however as Marie stated many things do not reach the probate court because a property could be held in a trust or bypass probate because of joint tenancy, etc.
However some of the estate could still be subject to probate and if you check the probate file the real estate is not listed because it is out of the jurisdiction of the probate court. I have bought several properties that never hit probate. Enough that I moved my initial search to obits instead of waiting for a probate to be opened and I suggest if this is one of the areas you work, you do the same.
Well, it depends on what you mean by a probate property. Its now owned by whoever it was deeded to. The probate process can be bypassed using "transfer on death" or "beneficiary deeds". But if you're wondering if its a good target to marketing, it may well be. You would need to contact the new owner rather than the executor.
I would not pounce on a property that had just been deeded to an heir until the dust settles out of probate, unless I was aware of the issues, if any. Other heirs, if any, can still contest the deed even after probate. You certainly need a title search and insure the transaction. ;)
If the property has been deeded over to one of the heirs it is no longer considered an estate property correct?
For instance if Jane Smiths property on 123 Green Street is going through the probate process it is still an estate property. However, fast forward a couple months past probate court and the estate has been deeded over to one of the heirs, now the property is no longer in probate or an estate correct?
Samantha: If the property is no longer owned by the estate then it's not estate property anymore. Deeds that transfer property out an estate could be transferring property to an heir or a third party buyer. Many times the deed transferring the property to an heir is followed by the deed where the heir has sold the property, both recorded on the same day. What is it you are trying to do?
K. Marie Poe I was just curious regarding the terminology. I am thinking about marketing to probate leads to pick up some potential rentals for my portfolio.
What I call a probate lead is a property where the owner has died and a court action is necessary to transfer property of the estate. A property that has been deeded to an heir is what I call an inheritance lead. Transfers from trusts to a bene upon death of the owner, inheritance deeds that transfer property on filing a death cert. (only a few states have these), affidavits of death of a joint tenant (non-spousal) and sometimes quit claims right before death are some of the ways property gets inherited without a probate action.
I find it much easier to think of a timeline. Call it the Life of a Property.
A person or couple acquire a house. Things happen during their lifetime, a mortgage, a 2nd, a tax lien, they have kds, bails problem child out of jail (bailbond), someone gets sick, delinquent mortgage then default, someone dies, the surviving spouse dies, kid(s) want their inheritnce(house), bills left behind need to be paid, etc.
This is how people live and how real estate is part of their lives. Enter the process at any time. Many,if not most, probates are orderly and no trigger exists to motivate a seller. However, a few are pulling their hair looking for a way to get out from dealing with it.
Sharon V indicates in her posts that most of her leads come from probates whereby the PR is out of state and has no intention of returning to KY (hope I understand that correctly). Here in CA, people like the weather and the income but not the crowds and want to move to smaller towns. I should suggest KY and give them Sharon's info
I like to think of any death lead as a probate lead. I know technically that unless the estate falls under the jurisdiction of the probate court it is not a official probate lead. Who cares, your can sort out the legal status later, the goal is the lead. Now however as Marie stated many things do not reach the probate court because a property could be held in a trust or bypass probate because of joint tenancy, etc.
However some of the estate could still be subject to probate and if you check the probate file the real estate is not listed because it is out of the jurisdiction of the probate court. I have bought several properties that never hit probate. Enough that I moved my initial search to obits instead of waiting for a probate to be opened and I suggest if this is one of the areas you work, you do the same.