When a loved one dies, usually an heir handles the deceased person’s business matters, and this often includes selling the home. Amidst the obvious emotional pain, there are several steps that must be taken in Texas to prepare to sell the property, including dealing with probate and/or heirship laws.
Why invest in probate and heirship properties?
- It is one of the most lucrative niches in real estate investing.
- Eighty percent (80%) of all properties “left” to the family get sold within one (1) year.
- Most people who inherit property almost always want to sell.
- Generally, the heirs do not want to invest the money to make the properties attractive to retail buyers; therefore, they often are more willing to sell at wholesale.
Of course there are challenges. The process is often time consuming. It may involve dealing with multiple sellers as well as emotional issues between family members. Title issues are quite common and must be resolved.
There are often issues related to probate and heirship which must be handled according to Texas law.
What is probate? It is generally defined in Wikipedia and elsewhere as the legal process of administering the estate of a deceased person, resolving all claims against the estate, and distributing the deceased person’s property.
Sometimes issues dealing with “heirship” are involved, such as transferring the property of a deceased person who either died without executing a valid will (an “Intestate”) or whose will was not submitted in a timely fashion to the legal process of probate.
The bottom line is that you need a record of evidence that the person who is trying to sell the property has the authority to sell it. The Lonergan Law Firm can provide all these essential services so you can focus on the business of buying and selling the property. This may include proving there is a will that was approved by a probate court or otherwise if no probated will exists, then preparation of affidavits of heirship. The process requires that the seller ensures that all heirs are accounted for in the documents. If the deceased received long term care services from Medicaid, there are additional steps that must be taken.
Where can you find probate and heirship leads? There are many sources, including
- Real Estate/Title Attorneys
- Accountants and Other Professional Executors
- Wills and Estates Attorneys
- Commercially Produced Lists
- Newspaper Obituaries
- Properties listed on the MLS for probate sales
How do you market to the estate and heirs?
- The process is very similar to other wholesaling techniques, such as highlighting the quick close, paying all fees, as well as the ability to pay cash at closing;
- Offering assistance from a knowledgeable real estate attorney with resolution of legal issues involved with property transfer
When you are ready to invest in probate and heirship properties, contact the Lonergan Law Firm, PLLC and title closing office to make sure you get the process done accurately and as quickly as possible.
Gaylene Rogers Lonergan
Board Certified Residential and Commercial Real Estate Attorney
Lonergan Law Firm, PLLC
12801 N. Central Expressway, Suite 150, Dallas, Texas 75243
(214)-503-7509
grogers@lonerganlaw.com | LonerganLaw.com
© Gaylene Rogers Lonergan and Lonergan Law Firm, PLLC, 2024. All rights reserved. This article is provided for educational reasons exclusively and is not meant to be construed as legal advice. The Lonergan Law Firm, PLLC, will represent you only after being retained and that agreement is made in writing.
