I'm finding a few properties in my target area that have a trust listed as the owner of record. Are these properties something I should try contacting the owner(s) about selling?
What is it about the properties that makes you want to approach the owner?
Showing as in pre-foreclosure?
Been driving-for-dollars and spotted some ripe candidates?
Listed on the MLS?
Why are they drawing your attention?
That will help you determine how to make the approach.
Yes, a trust often means there is an estate plan going on. It also signifies there is more money involved than in regular estates. It is not usually cost effective to have a trust set up for a single property. It does suggest a higher level of sophistication, so if you are trying to get wholesale deals it may be a little harder.
@ David Dachtera
I am looking for absentee owners in my target area. I just started working on looking up information on a different street and found a couple of trusts. My thought process was that perhaps these are absentee owner properties and maybe the owner(s) want to sell.
I am wondering the same thing. There is a property next to my parents house that has been empty for at least 3 years. It has papers taped to the door. It has not been kept up at all. It is in a trust as well. What is the best way to contact a trust?
Putting a house into trust is a way of keeping it from going thru probate upon the death of the person(s) who would otherwise be on title. The property is "owned" (deeded to) the trust. Your real estate attorney can give you a full explanation.
Homes which are apparently vacant and are in trust could just mean that settling the estate is not a high priority for the survivors of the beneficiary(-ies) (the decedent(s)). Such a home in pre-foreclosure could also indicate that the survivors are not keeping up the payments or there are no survivors.
Put on your "deerslayer", gather your team about you and sleuth it out!
@Steven Torrez asked about contacting a trust.
Trusts are held by a trustee such as a bank or another entity or person. They are under no obligation to co-operate with any such inquiries, but may choose to do so depending upon your relationship building skills.
A house in trust in an intestate estate poses the challenge that since there is no will, finding the potential heirs could be an interesting experience.
If you like such puzzles, it would certainly keep you busy and keep you challenged.