PROBATE

[Amanda Montague]

Hi BP family, I have a couple probate questions for you (I'm in California, near Sacramento). This is the process as I understand it so far:

-go to the courthouse and compile your probate list
-direct mail campaign
-when you find a deal, put the house under contract with the executer or administrator of the estate, after they have filed a "letters testamentary" or "letters of administration" with the court
-Then go to the courthouse and file a petition for order concerning sale, purchase, or exchange of property (this costs $435 in my county). This allows the property to be sold anytime, during the long 8-12 month probate process, using the Independent Administration of Estates Act (IAEA), assuming everyone on the will agrees with the sale.

So then, what's next? At this point can I go ahead and wholesale it to a buyer? Am I missing any steps? I feel like I am.  Does anyone know of a site that explains more detail?  I've searched the many sites but haven't found any answers. Thanks for your input! smile emoticon

[Devan Mcclish]

Amanda Montague consult an attorney regarding this manner. In fact, best thing to do is 1. Put property under contract 2. Find a good attorney to push the deal through for you. It's less of a headache. If you don't want to do that, then your steps are correct. However, several issues can come up. Right now I'm dealing with a property that is under contract but the title company won't insure the title until the property has been transferred into the executors name (could be a Tennessee thing). My best advice, do what you do best in getting the thing under contract and let the attorney do what they do best and deal with the legal system. In the meantime you can assign the contract to a buyer if you would like