Understanding the Process for Real Estate Investing in California Probate

Understanding the Process for Real Estate Investing in California Probate

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Home Page > Finance > Real Estate > Understanding the Process for Real Estate Investing in California Probate

Understanding the Process for Real Estate Investing in California Probate

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Posted: Oct 16, 2010 |Comments: 0
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Real estate investing in California probate is a unique strategy which allows individuals and investors the opportunity to buy property at discounted rates. There is no special training involved, but buyers must learn how to search public records and become familiar with California probate laws.
Real estate investing in California probate not only allows buyers to buy houses below market value, but can also provide financial relief to decedent estates. Probate can be a lengthy process that ties up estate assets and can drain financial resources.
When probate real estate is secured by a mortgage loan, the decedent’s estate must continue making loan installments or risk having the property fall into foreclosure. Estates are also responsible for costs associated with the property such as taxes, insurance, and general maintenance.
When real estate is owned outright, the estate must remit insurance premiums and property taxes throughout the probate process. Estate executors are responsible for securing and maintaining the property. This can be difficult when estate administrators reside out of town and can often lead to additional expenses for the estate. Common expenses include lawn care service, pool maintenance, and hiring contractors to perform repairs or maintenance.
When probate real estate causes financial harm to the estate, Administrators can sell the property. When estates are financially incapable of paying real estate expenses, a probate judge can order the property sold.
The state of California utilizes two types of probate. The first is known as court confirmation and requires estate executors to obtain court approval for all estate transactions. The second is regulated under the Independent Administration of Estate’s Act (IAEA) which allows Administrators to manage the estate without court interference.
The first step of real estate investing in California probate requires buyers to conduct public records research. When decedents’ last Wills are submitted through probate court they become a matter of public record. Buyers will need to review probate records to locate estates with real estate holdings. The Will contains details of inheritance assets, along with designated beneficiaries and contact information for the estate executor.
The second step involves researching property records to determine if the property is secured by a mortgage note or owned outright. Property records include pertinent information about the real estate including lot size, square footage, year built, and appraised property value. Property records also reveal if creditor judgments or tax liens are attached to the home.
The third step involves determining which probate process is used. Buyers can submit offers of purchase directly to estate administrators when IAEA is in effect, while purchase orders are presented through the court when court confirmation is used.
Real estate investing in California probate requires investigative work and patience, but can allow buyers to save a substantial amount of money. As with buying any property, buyers should conduct due diligence to ensure the real estate is worth the asking price. It is best to work with a probate attorney to ensure property transfers are properly filed and to ensure the sale adheres to California probate laws.

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Simon Volkov –
About the Author:Obtain additional information about real estate investing in California probate from California real estate investor, Simon Volkov. He shares his experiences with buying probated properties, along with informative investment articles via his website at www. SimonVolkov. com.

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real estate investing in california probate, california probate laws, probate property, real estate investors, probate real estate

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