Investor · Yucaipa, CA · Member since 2016 · 5 posts · 0 votes
Hello everyone!
I'm Olen and excited to learn more about real estate. I currently work as a firefighter and own 1 rental property (3/2). At work it is often for an older person to die and to be living alone with the house in poor shape. How do I go about trying to buy one? Should I write a letter and mail it to the house hoping they have relatives who will read it. I look forward to your advice and thank you in advance. -Olen
@Olen Main You are actually in a good to position to monitor an opportunity.
I've been working probates for a long time and what you need to understand is the basics of the process and the ability to connect with family members and nurture them until they are ready to sell.
Since a deceased person cannot transfer title to you now (absent an estate with a properly executed trust in place) the property will need to go through some form of probate.
Will or no will, high value or low value, multiple heirs or a single child, mortgages or no debts, all these things will be factors in determining the complexity of the case.
Since you'll need to know the next of kin (either directly or obtained from death certificate) you'll also need to think through what you'd say to someone who just lost a close relative.
My cousins own the ambulance company that services much of LA county as well as mortuaries. While it might seem like a natural fit, how does one "close the sale?"
So, there's a bit of thought that needs to go into this.
Don't give up and be patient with your commitment to study and learn the process while studying real estate.
I'm new to flipping and trying to source houses. With that said, I have talked with several people regarding your topic so I thought I would pass along their knowledge. Everyone says to go to your counties website having the subject property address and do a property look up. You would look to see if the property taxes are in default and see when the house will come up for sale. In my county, the sale is once a year on the court house steps. Just know that in some state, (mine included) the state gives the property owners 3 years to pay the taxes after you buy it. Then in some cases the state will allow 3 more years once the first 3 have expired. So it is a bit daunting. But here is another idea, talk with the neighbors. Sometimes the neighbors will know about extended family to the deceased home owner. Then you may have a lead to buy once either the will or probate has run it's course straight from the heirs. I hope this helps and wish you luck!
@Olen Main You are actually in a good to position to monitor an opportunity.
I've been working probates for a long time and what you need to understand is the basics of the process and the ability to connect with family members and nurture them until they are ready to sell.
Since a deceased person cannot transfer title to you now (absent an estate with a properly executed trust in place) the property will need to go through some form of probate.
Will or no will, high value or low value, multiple heirs or a single child, mortgages or no debts, all these things will be factors in determining the complexity of the case.
Since you'll need to know the next of kin (either directly or obtained from death certificate) you'll also need to think through what you'd say to someone who just lost a close relative.
My cousins own the ambulance company that services much of LA county as well as mortuaries. While it might seem like a natural fit, how does one "close the sale?"
So, there's a bit of thought that needs to go into this.
Don't give up and be patient with your commitment to study and learn the process while studying real estate.
Thank you Lisa Johnson and Rick H. For your advice on the property. I ended up writing a letter and taping in to the front door. In summary the latter said I really like their house and I would like to buy it as-is. I'm going to continue to stop by it hoping a find friends or family there. I'll keep you posted with what follows.
Another path you might use is to follow the death notices and obits. That sounds a bit ghoulish, I know, but you if you don't have a more immediate notification such as a relationship with a probate lawyer, etc., it can be useful.
Be aware, of course, that you're likely looking for the executor of the deceased's estate. Perhaps a relative of theirs can help you find that person, but even so, there are still potential issues.
For example, ...
Did the owner die intestate (without a will)? Probate could present challenges.
Is the property held in their name or in a trust or some other entity? Who has the authority to deal with a potential buyer? The executor? The trustee? If it's in trust, might the person you seek be the beneficiary's successor? The answers may depend on whether there's a will, how the trust was established, etc.
An attorney will be a strong ally to have on your team.