Probate wholesaling question: How do i find out if the administrator, executor or personal representative has "full authority, no bond" !?!?!?

Question

1. How do I find out if the probate executor, administrator or personal representative has "full authority , no bond" !?!?!

"full authority, no bond" is the type of representative that wholesalers want because they have the power to sell the property without the court right!?!?!

Rick H. · Answer

You are asking a question that is state-specific. You are in TN, Dave is in OR.

In general, the document to request is called 'Letters' and may require other specific actions, such as noticing other heirs or some creditors and those with requests for notice.

From a practical standpoint, if you are creating a lead list, begin by reviewing a number of court case files and familiarize yourself with the documentation, asking for help where needed.

Alternatively, when approaching PR's or after being contacted, you should have a good working knowledge of the documents used in the state(s) that you conduct business in. Make a point to require prospective sellers to forward you Letters or similar documentation.

I prefer to use a lead sheet for callers that includes not only property questions but legal questions about the condition of title. This makes negotiation easier, especially if your seller     has spoken to other buyers who as not nearly as prepared and informed as you are.

Michael DuVentre · Answer

thanks so much for this information Mr. Metsker

what if there is no will though!?!?!?

Dave Metsker · Answer

Not quite that easy, on the power to sell.  You need to review the Probate Court file.  It will indicate the powers of the PR, and if the real property may be sold prior to the end of the 4-month advertising period.  The phrase, "to serve without bond", is found in the body of the will; otherwise, the PR is required to obtain a bond.