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How to Acquire a Home of the Deceased and Probate Real Estate Investing | Mentorship Monday 110 - YouTube
Channel: Derosa Group
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How to acquire the home of a deceased owner.
What is happening YouTube? Thank you for watching
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Mentorship Monday. What you guys want to do
is email questions to [email protected]
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and I'll answer them right here on the YouTube
channel. Today's question comes from Reed.
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And Reed's question is how do you acquire
a home of a deceased owner. And that's an
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interesting subject, Reed. So thank you for
this question because it's an interesting
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topic. And some people think that it's squeamish
or whatever to go after the home of someone
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who just died.
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And you don't want to be an ambulance chaser
or whatever, you want to be viewed that way.
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But that said the way you got to look at it,
a different way. The folks that are inheriting
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that home most likely have a problem. They
have a problem of what do I do with this house
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that this person lived in. It's probably not
in the best condition, because maybe it started
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to go when that person's health started to
fail or just it wasn't in the ... whoever
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lived there before the deceased didn't realize
the home was going to be sold.
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So the home probably ... everything probably
wasn't fixed. It was just being lived in and
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in whatever condition it was in. So it might
not be in primo home selling condition. So,
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the home's not going to sell for primo home
sale price, given the condition that it most
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likely was in when it gets handed to the heirs
of the person that was deceased. So they actually
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have a problem that the problem is what do
I do with this mediocre or maybe even somewhat
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run down home and all the rest of this estate
that just got put on our plate from the person
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that deceased, that left it to us, right?
So it is a problem. And if you want to look
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at it from the other perspective, you're actually
helping them out with a problem of giving
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them a fair price, given the condition that
it's in. And they maybe were busy and things
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in their own lives and needed to get back
to their life and not completely put their
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life on hold to deal with this stuff.
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So for those of you guys that are watching,
that ever dealt with unwinding an estate in
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your family, it can be a burden. And sometimes
you want to just get through it as fast as
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you can. And it's not about getting every
nickel out of it you can, it's about just
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doing things that are fair and unwinding it.
So whoever the executor of the estate is,
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may just be looking to just get whatever they
can, get it quick and get out. And some of
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the best deals that we've done have been buying
a home through estates, one way or another.
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So I highly recommend that this is a place
that those of you guys are looking for great
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deals, find a way to look for.
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So here's how you look for good deals from
estates. You either want to become friendly
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with estate attorneys. There are attorneys
that do things like draw wills. And unfortunately
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when the people pass away, either they were
in that will, or that do nothing, but just
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unhelp unwind more complicated estates is
what these folks do for a living. They will
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go to people they know of in their network
that will give fair prices for houses and
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will close immediately. And the latter being
the more important thing, being able to close,
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cash, fast. Okay? So you want to contact those
attorneys and let them know that you can do
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that. In a friendly manner, you obviously
don't want to, "Hey, I want a great deal on
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a house. And I want to take advantage of someone
who just lost their mother or their aunt,"
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or whatever it is. That's not the way you're
looking at it.
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You are solving a problem. So present it that
way to the attorney. That's the first angle
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that you can take to take on a home from someone
who's recently deceased. The second thing
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you can do, and this is maybe what Reed is
dealing with. Reed, if you've got a specific
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deal that you're looking at, what you want
to do is go to the probate courts. Okay? The
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probate court, P-R-O-B-A-T-E, probate courts.
And most states have this. And that probate
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court is where the heirs of a home or the
heirs ... Like if Joe Smith owns his house
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and he passes and he leaves his home to his
daughter, Sally Smith. Sally Smith needs to
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confirm ownership and put herself on title
of the property by bringing the will of ... the
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last will and testament, his death certificate
to the probate courts. And the probate court
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would then allow her to become the executor
of that person's home.
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So it's through the probate court that you
want to look to see who the executor of the
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estate is, who's taking ownership of that
person's estate, right? So the first thing
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you want to is look on title, to see what
the homeowner's name was. Then look in the
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probate court to see who is petitioning to
become the owner of their estate, the executor
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of their, assets. Okay? Then contact them
and let them know, "Hey, I see you own 133
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main street, which was the former property
of Joe Smith. And I'm very interested in buying
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that house. And here's what I can do for you."
So, that's what you want to do. But the bottom
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line really is you don't want to come off
like a slime ball, like an ambulance chaser
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or whatever, trying to take advantage.
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You are offering a solution to a problem.
And offer that solution in a professional
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manner. And, I think that they will see you
that way. And again, the best deals we've
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done have been with folks that are unwinding
estates. Because they're willing to give us
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a fair price. There's hopefully emotional
attachment to the person that lived there,
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but there's likely no emotional attachment
or any attachment to the home. They just want
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to perhaps get back to their life afterwards,
so ...
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So that's it. Hope that's a value to you guys.
It's an interesting topic. And I'm interested
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to hear if you guys have ever done any probate
deals or deals in unwinding estates of the
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deceased in the comment bar. I'm curious to
hear what you guys have had happened to you.
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So, that's that. Don't forget, [email protected],
check us out there. Check out our brand spanking
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new website at derosagroup.com. There's a
bunch of our videos and a bunch of cool ways
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you can keep in touch with us and a bunch
of free giveaways on our website. So go to
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derosagroup.com to check that out. Thank you
for watching guys. Have a great and profitable
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week.
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