Overcome probate by Bonding the foreclosure property??

Question

Hello all,

Problem: I am loosing leads due to the seller (foreclosure) did not complete the Probate process and I do not know how overcome this problem and buy the property!! 2 cases in one week, frustrating!

Other investor / wholesaler bought the properties without completing the process. The seller mentioned that they are bonding the property. The famous "creativity of the investors".

Can somebody explain?

Rick H. · Answer

You may have (inadvertently) answered your own question. I would “reverse engineer” what your competition has done by reviewing any and all recorded documents (county recorder) as well as docs filed in probate court, if any, for these properties.

Speak to a title insurance officer or escrow person at the company that insured and recorded the documents, typically stamped on the upper-left caption side of a deed. Print out the recorded documents in chronological order by date. Study how title was transferred and the type document used (Deed, Court Order, Trustee’s Deed upon Sale, etc.). There are a great many people who have done their homework and willing to pay experts to solve problems. Don’t forget: you’re in the problem solving business! I’ve done this for so long and so many probate deals that it’s a rare day that an attorney does not call asking for ADVICE. (I’m not an attorney). I certainly know probate and have obtained many bonds, but only have experience in CA. Probate laws differ greatly in some states, TX being one that has a few shortcuts that we don’t have.

Peter Walther · Answer

I've never heard of a title insurer accepting a bond to issue a policy w/o exception for claims of creditors.  If you find out one did, I'd appreciate you letting us know.