What is a Probate?

Probate is the legal process of proving the written will or last testament of a deceased person is genuine and then following the deceased’s wishes in that document.

When assets of the deceased, such as a house, stocks and bonds, a car, bank accounts, and other personal property, are probated, the local probate court procedure gives creditors several months to file their unpaid claims against the deceased’s estate. The unpaid bills will be paid once the property is sold.

Investing in Probate Properties

Investing in probate properties takes a lot of time and patience. Some probates can be completed within 6 months, while others take years.

The amount of time to complete the probate depends on a number of factors, such as the size of the estate, validation of the will, the appointing of an executor if there’s no will, and finding and notifying all beneficiaries.

How to find Probate Properties

Probate properties are often difficult to find. When looking for a probate property, the first person you should talk to is your real estate agent. Let your real estate agent know how much you want to spend and the types of properties you are looking for. Single resident homes, and multi-unit dwellings are just two of the many types of probate properties.

Probate public records are located withing the city hall of each jurisdiction. Anyone can go to their local city and get a list of newly listed properties in probate. This process is somewhat time consuming and could be draining since you would need to go down to your city on a weekly basis and sometimes a couple times a week. For those of you who are looking to learn better ways of finding and investing in probate properties I recommend 31 days to Probate Investing a fantastic digital course which will teach you everything about probate investing and where to find probate listings easily.

Probate Investing is ideal for either flipping or long term  holding of real estate. I have been investing in probate for close to 20 years and I can tell you first hand that majority of probate sales are below market, ranging anywhere from 10%-40% below market value. Most probate properties need cosmetic work, some minor and some major which always is factored in the appraisal of the property. Probate real estate is a very lucrative niche, if you have all the tools and knowledge necessary to pursue and invest in them.

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