probate rules blog

Probate Real Estate Investing:

1: Probate files are  public record. In US I don’t know of a City or County where probate files are private. Many people think bankruptcy filings and foreclosure notices are private. Wrong!  Probate files are of public record just like Bankruptcy and Foreclosure. You can walk into any county, ask where the probate files are kept and access them with ease. Or better yet access them online in the comfort of your own home.

2: Probate court requires that probate property is sold at “fair market value“.
I could tell you this is not true based on the deals at big discounts. When a probate estate is opened a Personal Representative is put in place. The named executor can sell probate property is the court’s main concern, but not the ‘what’ the property is sold for.

The heirs are getting what is theirs, they can do whatever they want with it. The court wants to make sure the probate estate is settled properly but rarely micromanages the disposition of assets. In some cases property will be appraised, but this is the exception more than the rule.

Here is what you need to know: the overwhelming majority of probate estates allow the heirs to sell the property at whatever price they desire. And when you have a probate property in disrepair, vacant and often being dealt with by out-of-town heirs you have the makings of a great deal.

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Here is another source to get a wealth of information ON:
Administration of Wills, Trusts, and Estates