Dear Fellow Wholesalers, I need some help..
I recently just started wholesaling and wanted to focus in on probate leads in my area. I went to the courthouse, paid for a couple months of probate leads, but I am having trouble on finding out if the property(house) is actually being sold; as "real property" could be a number of things.
There's a document sub-type(or filter) that states "Affadavit of Succession for Real Property" which seemed obvious, but when I looked up the definition, it stated "the person or persons signing the affidavit are entitled to the real property and the value of the real property is $75,000 or less."
There are other sub-categories, including Application for Informal Probate, Application for Formal Probate, Petition for Formal Probate, Petition for Trust. Before I start scrubbing this hefty list in the court office,
What happens to probate properties that are over $75K? Being that I don't want to be restricted by the fixated price of $75K, should I be looking into other sub-types that I should be looking into instead? Are there any other ways you all have found probate leads? Feel free to leave a comment or direct message me with ANYTHING you know. All advice helps. Thanks.
I'm not familiar with Arizona probate law but I can tell you that in Arkansas if the estate has a value of less than $100k the distributees are able to file an "Affidavit for Collection of Small Estate" and basically "skip" some of the rigors of the normal probate process. For estates in excess of $100k they are required to go thru the full probate "Decedent Estate Administration" process. I review both types of filings and see if there is any real property in the estate.
I can also tell you I was able to glean some helpful information on the probate process/law simply by calling the County Clerk's office and a local probate attorney and asking very specific questions about the process. Didn't cost me a dime but the information they provided was invaluable as far as helping me know where and how to focus my lead gathering efforts. Hope that helps. :)
@David Ojo I am a California probate attorney so can only speak to California with accuracy but other states are probably similar. In California we have affidavit for real estate worth $50k and less (not many of those in Cali), succession to real property worth under $150k, and petition for probate which is all other cases. The thing about the under $50k and under $150k cases is that they often, at least in Cali, are parts of property or heavily damaged property. So I would still look at those case files. However, the full probates are going to be higher in value so perhaps more opportunity for you to make money. At least in Cali the under $50k and under $150k cases are done within 2 months generally while a full probate takes 8 months (though the property can be sold during that 8 months). So the timing is different on each about when property can be sold. Bottom line: I would look at all files to see what people are dealing with because you just never know what will be an opportunity.
@David Ojo I am in your market, there are MUCH better places to get a probate list. PM me and I will point you in the right direction!
@David Ojo I am trying to go through the probate list here in Florida, but I really don't know where to look. There are so many court claims here that I just don't know where to start... So I'm just feeling my way for now.