Los Angeles, CA · Member since 2009 · 717 posts · 50 votes
Hello all. I've been searching around to find high equity and estate properties and I have a clue, but not sure. Could someone direct me on how to find these kind of properties. Any advice would be appreciated. Thank you.
I never stooped so low as a startegy, but while you're in the newspaper, check out the obituaries. Then check the name in the county records. You can do your homework on an estate before it hits the legal notices. Business partners, addresses of real estate owned, trusts and corporate records. You may find the administrator and trustees from public records. I have been "lucky" a few times knowing the family or others like business partners. You sure don't want to barge in soliciting anything during the visitation! As William points out, the adminstrator is the one to contact, but knowing a little more of the scope of the estate won't hurt, like the house I mentioned above, if it is in an estate, there is probably no mortgage and no hurry to dispose of it!
Yesterday, I was riding and noticed a property in a very nice area of town, large lots, not really lage homes but the upper end from the 50s, still a sought after area. It had trees and bushes overgrown in the yard, grass washigh but not to the point of the city mowing it, at least yet. The house was in need of paint and gutters were lose. So, it was in need of TLC. The windows were all covered upstairs and dark inside, no sign of activity, no lawn furniture, nothing on the porch, located as vacant as empty can be.
Dollars to doughnuts, it's in an estate situation. If I were to go the court house I'd find the owner of record and history. From tax records I'd find where tax billings are sent. From that, I can find out the status of the house and probably the estate attorney. I could then make my offer and wait for court approval or bid against whomever and play the game.
It's called driving for dollars and it will turn up more than you can shake a stick at if you know how to look. Some may think it's a waste of time but I do it as I go from one place to another without even thinking about it. Just observing what's around you.
Look in the legal notices section of your paper - you are looking for "Notice to Creditors" which gives the name and address of the personal administrator of the estate.
I never stooped so low as a startegy, but while you're in the newspaper, check out the obituaries. Then check the name in the county records. You can do your homework on an estate before it hits the legal notices. Business partners, addresses of real estate owned, trusts and corporate records. You may find the administrator and trustees from public records. I have been "lucky" a few times knowing the family or others like business partners. You sure don't want to barge in soliciting anything during the visitation! As William points out, the adminstrator is the one to contact, but knowing a little more of the scope of the estate won't hurt, like the house I mentioned above, if it is in an estate, there is probably no mortgage and no hurry to dispose of it!