In my Probate Real Estate business I do several things. I find probate homes to sell to investors who want to flip, Investors who want to hold (rentals) and to end user buyers who are looking for a home to move into and of course, I buy and sell as a principal.
As I've stated many times in my blogs, I do this usually off the MLS and I'm the only agent who even knows the Probate's available for purchase. This has been big for my production over the last 30+ years and I love teaching other agents how to do the same if they have interest.
If you're going to write an offer use Win Forms for a CA property or whatever probate contract form your State uses. You may be in a State which doesn't require a particular Probate Deposit Receipt so just use your normal one. In Calif, with Win Forms there's a specific probate deposit receipt to use. This offer form will be for the most part the same as you would use on any house but there will be a few things different which you must do.
You will be asked for the Petitioner/Executor Name:
This is the person you are dealing with who has or will have (Letters of Testamentary), the authority to sign the contract and make it binding. They would need to be approved as Executor or Administrator by the court then you're good to go. If they aren't when you submit your offer have a "subject to" in the addendum that the offer is "Subject To" the petitioner being approved as Executor before escrow can close. Title won't take the petitioners signature for the grant deed without this approval plus the Letters of Testamentary which is the court authority for the Executor to sign the grant deed to the new buyer.
You will be asked to provide the Probate Court Case #.
This is found on the Notice to Administer the Estate. If you're accessing the file online it will be referenced before you actually get to the paperwork. If you go direct to the court house file room you should have this case# on your Probate Tracking Sheet. If not, ask the file room clerk to look up the file by the decease name or check the filings yourself via the court computer.
The Probate Contract will ask if the sale will be going through court confirmation,
No confirmation or you don't know yet. There will be a box to check for each of the 3 ways. I always check no court confirmation and then sort it out later. Remember selling a Probate Home via the Independent Administration of Estates Act is the easiest and fastest way to a closing.
You will be asked when will the Notice of Proposed Action be filed:
This N.O.P.A is the notice to the heirs the Executor is selling the probate home and there will be no court confirmation process. The heir will have 15 days plus 5 delivery to agree or oppose in writing. If they agree no worries and we go to closing. If they oppose (object) then we have to stop everything on the sale and go to court to sort it all out. Your title company will want the N.O.P.A as well to close so what I do is as follows.
First I ask the estate attorney to have N.O.P.A waivers sign by the heirs as they most likely will know what is going on with the offer and we can save the two weeks.
If we have to use the N.O.P.A, I wait until we have had our inspections and there are no issues to work out then we order the N.O.P.A, wait the 20 days and then close. If you do this right you should be still able to close in 40-45 days with using the N.O.P.A or 30 days or less if Waivers of the N.O.P.A. The remaining probate contract will be the basically the same as our C.A.R so I hope this helps you think about adding Probate Agent to your business card.
I'm Online, and have a lot of probate real estate info for you to look at IF you're interested in really adding 6 figures to your income working probates.
I'm here when you need me. www.DFPROBATESYSTEM.COM
You can read the introduction chapter to my system, Check out some property examples AND Learn How You Can Get Paid 5 Different Ways Per Probate Deal.
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