Probate Sales and Wholesaling (New Wholesaler)

Los Angeles County, California
Wholesaling
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Probate Sales and Wholesaling (New Wholesaler)

Courtney R.
Wholesaler · Los Angeles CA · Member since 2023 · 4 posts · 2 votes

Hi everyone!

I'm a new wholesaler, targeting the Southern CA area.  Has anyone had any experience with flipping contracts that were probate sales, not subject to court confirmation?  Per my trusty AI assistant, this can be done, but I'd appreciate confirmation from someone who has done this before, or is aware of the process.

Thanks in advance!

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Don KonipolBusiness Member
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
3y
Quote from @Courtney R.:

Hi everyone!

I'm a new wholesaler, targeting the Southern CA area.  Has anyone had any experience with flipping contracts that were probate sales, not subject to court confirmation?  Per my trusty AI assistant, this can be done, but I'd appreciate confirmation from someone who has done this before, or is aware of the process.

Thanks in advance!

Admiringly I’ve bought deals out of probable in only two states, but in both I was vetted for the ability to close the transaction very thoroughly by the trustee who had to provide details on my ability to perform in order to obtain court approval. 
Private Mortgage Financing Partners, LLC
WebsiteView Page
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  • Mark Pedroza
    Real Estate Agent · Sacramento/Placer ~ San Francisco Bay Area counties · Member since 2012 · 1k+ posts · 743 votes
    3y

    @Renee Harris is a realtor in the Los Angeles area. She may be able to assist you in probate sales..

    Good luck...

    1Reply
  • Courtney R.
    OP
    Wholesaler · Los Angeles CA · Member since 2023 · 4 posts · 2 votes
    3y

    Hi Mark! Thank you so much for the referral. I'll reach out to her right away.

    1Reply
  • Adam MaciasPro Member
    Real Estate Consultant · Fort Collins, CO · Member since 2022 · 291 posts · 178 votes
    3y
    Quote from @Courtney R.:

    Hi everyone!

    I'm a new wholesaler, targeting the Southern CA area.  Has anyone had any experience with flipping contracts that were probate sales, not subject to court confirmation?  Per my trusty AI assistant, this can be done, but I'd appreciate confirmation from someone who has done this before, or is aware of the process.

    Thanks in advance!


     This is something a lot of wholesalers misunderstand. I'm not an attorney but have worked with a few different ones in Colorado. YES you can sell the house at anytime during probate BUT the Personal Representative/Executor must finish probate to close out all the affairs, debts and obligations of the estate. Real estate is not probate. A house just happens to be apart of probate and it needs to be sold because there was no will identifying who gets ownership. This is why it's in probate to begin with. It's a neutral way to get rid of assets and split the proceeds amongst beneficiaries so there's no bias. Think of estate sales. Why do they have estates sales during probate? Well it's easier to sell all the furniture, painting, collectibles, cars before selling the house. Did those belongings have to wait till probate was finished? Of course not. The judge simply files a motion to approve the sale of the house but that doesn't mean probate is finished.

    0Reply
  • Courtney R.
    OP
    Wholesaler · Los Angeles CA · Member since 2023 · 4 posts · 2 votes
    3y

    Thanks Adam! This particular sale is not subject to court confirmation. Does that change anything in what you said above?

    0Reply
  • Renee Harris
    Real Estate Agent · Los Angeles, CA · Member since 2015 · 218 posts · 111 votes
    3y

    Thank you @Mark Pedroza

    1Reply
  • Don KonipolBusiness Member
    Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
    3y
    Quote from @Courtney R.:

    Hi everyone!

    I'm a new wholesaler, targeting the Southern CA area.  Has anyone had any experience with flipping contracts that were probate sales, not subject to court confirmation?  Per my trusty AI assistant, this can be done, but I'd appreciate confirmation from someone who has done this before, or is aware of the process.

    Thanks in advance!

    Admiringly I’ve bought deals out of probable in only two states, but in both I was vetted for the ability to close the transaction very thoroughly by the trustee who had to provide details on my ability to perform in order to obtain court approval. 
    Private Mortgage Financing Partners, LLC
    WebsiteView Page
    2Reply
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