Buying Real Estate in Probate
Understanding the Probate Problem and how to be a problem solver is a must if you want to become successful at probate real estate.
Begins with Loss
The probate problem for the personal representative or executor begins with the death of a loved one and continues until the disposition of the estate has been completed. Before the person has time to process their loss, they are saddled with the responsibility to handle everything that has to do with the estate.
The probate problem to deal with is the fact that while income has stopped, there are ongoing expenses. They must pay the insurance and utilities, and maintain the property which may also include something as simple as mowing the grass. All of these things cost money that often must be collected from the heirs
Speaking of insurance, after about three months, the insurance company is going to call and say that unless the property is occupied they are no longer going to insure the property. The options are to rent the property or to pay the type of expensive insurance that will insure an empty property. That’s just another problem the personal representative must deal with that also costs money. The only solution is to pay it or contact all the heirs and request money.
Personal Life Suffers
Another problem for executors or estate administrators is the amount of time this takes from their personal life. After all, before this responsibility was thrust upon them, they had a full life, and that hasn’t changed. But now they are having to juggle paying the bills and dealing with the maintenance for the probate property, while the same time keeping up with their real lives.
What most people don’t realize is that the different parties involved can sue the personal representative. The personal representative must follow very strict guidelines and laws when dealing with probate. That can be a real probate problem.
Listen to a preview of Dennis J. Henson’s
“Buying Real Estate in Probate”
“How Soon Do We Get Paid?”
Another problem with probate is that the other heirs have their hand out wanting their money. Any property that is part of the estate must be sold, and the heirs want it sold quickly because they are tired of waiting. The longer it takes to dispose of the property, the more frequently the phone calls will come asking the personal representative “how soon?” and “has it sold yet?” For the personal representative, that’s going to get old, real fast.
Be a Problem Solver
For the real estate investor all these problems mean that you need to know what to do to be a probate problem solver for the personal representative. This is an area of real estate investing that requires special skills and knowledge.
What do you need to know?
1 The problems the Personal Representative is facing
2 The first thing to say to the Personal Representative
3 When is the best time to contact the Personal Representative
To learn how you, the real estate investor, can help the personal representative with his probate problem, order the entire Wealth Through Probate Buying Real Estate in Probate package.