Foreclosures & Probates Colorado

[Amaret Grace]

Hey There!  I'm running into foreclosure sellers that are also dealing with probate.  I know NOTHING about probate and it bothers me that I can't be of service to them.  Are there any resources detailing probate for investors?  I could call a probate attorney or fumble through the state/county sites but I thought I would ask here first!

[Bill S.]

@Amaret Grace I am not an expert on probate but have a basic working knowledge. One simple truth is that the foreclosure will take the property from the estate and the estate will get nothing unless it sells for more than is owed at the public trustee auction. You need to know where it is in the probate process. Has the probate case been file with the courts? Has an executor been appointed? In most cases the executor has the right to sell the property but must answer to other interested parties in the estate. For example, one of the heirs might sue the executor if the heir feels that the property was sold too cheap. At the same time, if the foreclosure is in two weeks, it might not be as much of an issue. If there is no executor, you need someone with legal skills to advise you based on knowledge of the specific situation.