Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
12y
Here's the easy way:
Think of probate as a title problem. If you did not sell or transfer property prior to death, you are unable to sign a deed. (That would be quite a trick).
As for real estate, probate laws and courts provides a way for someone else to transfer assets, including real estate, subject satisfying any debts that you've incurred prior to passing.
As for real estate opportunities, think of them in terms of a timeline:
Pre-probate - prior to any legal title transfer
During probate - property sold during the probate process
Post-probate - property that has been distributed and transferred to an heir or beneficiary under a will
These are my definitions. They make it much more clear in discussions.
Hope this helps. You can sign up for my free newsletter blog, too.
Wholesaler · Salt Lake City, UT · Member since 2009 · 1k+ posts · 401 votes
14y
Two ways to do it in San Diego. Probably the same way that company does it. Check the deed recordings, you will know which are from estates. Check closed probate files, when they are closed somebody got the stuff. As someone said these are when your looking for for heirs that have gotten the property, inheirited property, not probates in progress.
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
13y
I would say that looking at closed probate files would only generate the left-overs, the properties, where there's only 1 heir.
If there's more than 1 heir, many properties will be sold during the probate process in order to distribute to the heirs. Subsequently, the sales will have happened by the time the file closes.
And if you happen to work in a traditionally black neighborhood, you'll be surprised how often probate is not being done. It used to be that attorneys were mostly white and thus there was suspicion from black people and they would just keep some houses in the family, without ever going through any formal process.
I dealt with a lot of properties like that in Atlanta, where I was buying and selling vacant lots of demolished houses in an old neighborhood. Sometimes the owner of record is generations back.
Maybe this is more extreme in the South than somewhere else.....just saying, that by the time a probate file is closed, you will have missed many potential properties.
Wholesaler · Salt Lake City, UT · Member since 2009 · 1k+ posts · 401 votes
13y
Michaela
You make a good point about left overs but that is exactly what the poster was asking for. The inherit list is draw from closed probate files basically because no one has officially inherited anything until probate is closed.
That is why it is best to work the probates and follow the properties until they sell or have an heir take over title and thus you have your own inherit list. The heir lists you buy are just a by product of probate actions, and a waste of money to me.
Real Estate Investor · Brentwood, NY · Member since 2014 · 4 posts · 0 votes
12y
Thanks for the feedback. I was under the impression that an inheritance by passes probate in its entirety. From what I gather, this is not true - and only once a probate file is closed, properties will be transferred to the heir, which in turn is when we'll start marketing to the "inheritance list" in pursue of a deal. I'm I correct on my assumption? By the way, what will be the difference in contacting the executor through the probate process as oppose to waiting for files to close and then contacting heirs at a later date once they've received numerous calls/offers?
Flipper/Rehabber · Arlington, TX · Member since 2013 · 1k+ posts · 2k+ votes
12y
We've used U.S. Probate Leads for these leads in multiple markets throughout the U.S.. They are expensive (can cost $2-3 EACH record) but that's because they physically collect the data from courthouses. And in many counties, you get the probate info without knowing if there is a house involved. But still, it's a great list to hit. (No business affiliation with or compensation from this vendor).
Probate is the process that completes the inheritance process per the will (or the court's order if there is no will). It causes the name change(s) on the deed, etc. An estate can be in probate for many months if the executor drags their feet or their are complications. Once probate is completed and a house transfers to heirs, you will often find THOSE people (later) on your ABSENTEE OWNER list.
Thanks for the feedback. I was under the impression that an inheritance by passes probate in its entirety. From what I gather, this is not true - and only once a probate file is closed, properties will be transferred to the heir, which in turn is when we'll start marketing to the "inheritance list" in pursue of a deal. I'm I correct on my assumption? By the way, what will be the difference in contacting the executor through the probate process as oppose to waiting for files to close and then contacting heirs at a later date once they've received numerous calls/offers?
IMO probate leads aren't the same as inheritance leads. An inheritance can happen many ways outside of probate: death of a joint tenant to tenant in common, properties held in trust that transfer to beneficiaries upon death, etc. No probate needed on those "inheritances".
Definitely study up on transfer of property after death for your markets. In some markets, probates are the least used way to transfer property after death. Probate often indicates very little or no estate planning.
Real Estate Investor · Brentwood, NY · Member since 2014 · 4 posts · 0 votes
12y
Hi K. Marie Poe, excuse my ignorance but I'm confused on what exactly to do to contact such beneficiaries when probate is not the route they have taken to inherit and take title of the property. I currently go to the court house in the New York City and Long Island area to get probate leads so I'm a bit familiar with the courts, but I certainly do not know the steps I need to take to find out who inherits outside of probate.
If it is not too much to ask, can you please guide me through the process on how to obtain such information?
Hi K. Marie Poe, excuse my ignorance but I'm confused on what exactly to do to contact such beneficiaries when probate is not the route they have taken to inherit and take title of the property. I currently go to the court house in the New York City and Long Island area to get probate leads so I'm a bit familiar with the courts, but I certainly do not know the steps I need to take to find out who inherits outside of probate.
If it is not too much to ask, can you please guide me through the process on how to obtain such information?
It's not too much to ask, but definitely more than I can do. :)
It's very state and county specific. You would have to study up on recorded docs for your county. What docs are used to transfer title after the death of a joint tenant or other part owner, or death of someone who owns property in a trust. What are the docs called, when and why are they typically recorded.
It's easier and faster to buy inheritance leads. But I like to reach the sellers before the list buyers do.
Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
12y
Here's the easy way:
Think of probate as a title problem. If you did not sell or transfer property prior to death, you are unable to sign a deed. (That would be quite a trick).
As for real estate, probate laws and courts provides a way for someone else to transfer assets, including real estate, subject satisfying any debts that you've incurred prior to passing.
As for real estate opportunities, think of them in terms of a timeline:
Pre-probate - prior to any legal title transfer
During probate - property sold during the probate process
Post-probate - property that has been distributed and transferred to an heir or beneficiary under a will
These are my definitions. They make it much more clear in discussions.
Hope this helps. You can sign up for my free newsletter blog, too.
Waianae, HI · Member since 2017 · 1 post · 0 votes
9y
Check out http://successorsdata.com/. They have automated tools for the real estate investor, and can save you hundreds of hours of searching. Very helpful site.
Attorney · Sacramento, CA · Member since 2019 · 21 posts · 28 votes
7y
Old thread but thought I would weigh in. As a California probate attorney I can only speak to California but here each county has a probate court which is a division of the Superior Court. Most, and probably all, counties have investors, Realtors and other interested parties who go through the new probate files daily. They contact the attorneys and also the individuals who have filed to the administrator of the estate. Obviously when contacting the proposed administrator you need to be sensitive to the fact that they might have just lost a loved one - that relationship will be stated in the petition so you can know. As a probate attorney I have seen a significant uptick in contact in recent years. Several investors and several Realtors contact me on most every file. I pass on their information to the administrator. You might figure out the 5 or 10 top probate attorneys in your area and try to become friends with them. A good way of meeting them is bringing them probate referrals or figuring out another way you can bring value to their business. Good luck.
Real Estate Broker · Tampa, FL · Member since 2016 · 84 posts · 24 votes
6y
@Michaela G. I have this very situation quite often here in Florida. How did you conduct the transactions when there has not been a probate process and probably won’t be and the seller is deceased yet the title is still held in the deceased name? Did you have all children quitclaim the property to you? A structured buy out?
@Michaela G. I have this very situation quite often here in Florida. How did you conduct the transactions when there has not been a probate process and probably won’t be and the seller is deceased yet the title is still held in the deceased name? Did you have all children quitclaim the property to you? A structured buy out?
Each state has their own rules for those situations. In Georgia, if the person on title died more than 7 years ago it can be done with affidavits.