Probate leads?
Quick question. By looking in the paper at the "notice to debitors/creditors", at what point am I entering the picture? If I call the executor, will they know if I can legally purchase the prop? Say for instance, if the executor is the deceased's child/sibling/etc, if they want to dump the prop are they allowed to?
Anything else I need to know? Like making sure I'm aware of liens on the prop?
Thanks so much for anyone that can provide any advice.
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Success and $$$ to us all!!
Sonia (Woodchuk)[ Edited by woodchuk on Date 01/30/2003 ]
woodchuk,
Some of these properties can be tied up in Probate for years, are you prepared to wait that long to get a proprerty?
Are you ready to pay cash or finance these properties if you do get them. What is your exit strategy if you are able to get them?
Just some thoughts I have about purchasing properties in Probate.
John $Cash$ Locke
My initial thought was that if it's a situation where the heirs have no interest in the prop, or better yet, can't afford to maintain the prop...they may be willing to let it go for a cash offer well below the real value. Just a thought. People can be so hungry for cash $$.
What I don't know is how to quickly determine if the prop is in probate or rather, how soon could I pick it up? If there are debts to be paid by the estate, wouldn't they want to get rid of any assets for cash to settle the estate?
As far as the exit plan goes...either hold as rental/lease purchase or flip for profit. I've been thinking about it off and on it seems like it has the potential to be an untapped market in the right county/area.
Really just curious if anyone has had any success at it.
Thanks for the quick response and the questions to contemplate.
[addsig]