Need advice on deal that has yet to go through probate

[Nick Saucier]

I have a lady who called me from one of my bandit signs who's ex-husband passed away without a will and now her children have a home that has to go through probate. They want to see what they can get out of the home as quickly as possible, so I go and take a look at the home and inspect the inside and outside/foundation thoroughly and didn't come up with any major structural damage, just a ton of cosmetic work to be done.

A little 804 sqr ft home with an as-is value of 41k needing about 40k in repairs before its ready to market. The only problem is it still hasn't gone through probate, do I have to wait for the property to go through probate before I can swoop in on it? Also, if I don't have to wait for it to go through probate, how long does probate generally take?

[Ibrahim Hughes]

Never back off of something just because it "feels like" it could be a bunch of work. And if it is, so what? Sign it up and put in the hands of a competent attorney while you pursue other deals.

Btw, probate here is pretty simple and straight forward so long as you have the other heirs on board (sounds like you do). And that's even when the owner dies intestate (without a will).

I would sign up everyone "individually and as heirs of the estate of .....", then get them an attorney who can handle the probate. OR learn the process and have them do it themselves. Pretty simple here.

Some things I would look into FIRST however are:

1) Make sure that everyone is on board to sell at your price and willing to sign the contract.

2) Check to make sure at least one person among the heirs have decent credit and thus will be able to get the surety bond needed to become Administrator of the estate (that's how it works here. Check with the process in your state).

3) AFTER you get a signed agreement from all the heirs, run title and make sure there is equity and the property isn't underwater from mortgages and judgments no one knew about.