Hello. I’m a seasoned investor of rural, unimproved land (15,000) transactions. Very often I get calls from the direct mail that we have been sending out for years from the children of deceased land owners. I have been passing on these deals for years but would like to work with someone who knows how to complete these transactions.
Here is a summary:
Seller: My dad (John J. Smith) just passed away. He owns property in Southern California, Arizona, Oregon, Washington state, and New Mexico. In the file are several letters you sent over the years regarding your interest in buying the property. I would like to sell it now.
Buyer (me): So sorry about your father. Let me ask a few questions. Are the properties in your father’s name? Did he have a will or trust? Do you have any siblings? Is your mother still alive? Are there any other heirs that you know of?
Seller: They are in his name as the sole owner (John J. Smith). He had no trust or will. I am an only child. My mother passed away several years ago. There are no other heirs. I’m willing to basicly give these properties away so we don’t get the tax bills any more.
Any insight would be greatly appreciated.
This article might be helpful:
Each state or commonwealth has it's own laws concerning intestate distribution of real estate.
Further, there are different levels of power for the person(s) who wish to transfer real estate or encumber with a voluntary lien like a trust or mortgage that is insured by a title company.
Some situations permit a simple act of filing a document and getting it approved by the court so that title can be transferred, which is called a summary probate in some jurisdictions. More value assets, including real property, may require a more formal probate process and the appointment of an administrator or (generically) a personal representative.
Most people complain that they can't find deals. That doesn't sound like a problem for you.
So, you really might be missing opportunities however, as the seasoned investor that you say you are, you ought to be up to the task of learning new skills (probate) in order to be of more service to the people you market to.
If you're green you grow; if you're ripe you rot.
Steven Butala coming to AZ this upcoming weekend, would it be possible to get together for some mentor ship and see a little of what you do?
Thanks, @Cody Ferguson. Send me a note through my website with your schedule. I'm happy to meet with you if our schedules work out.
I think you'd do well to take some classes from above 'Rick the probate guy' above. He's not allowed to advertise here. So, I'm just mentioning it, since that's his expertise
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