Probate property refers to assets owned by a person who has died. Upon death, decedents' last will and testament is recorded through probate court and a case number assigned. The estate undergoes the probate process to settle outstanding debts and transfer inheritance to rightful heirs.

The type of probate property involved can affect the duration of probate. For example, estates consisting of real estate, business assets, or valuable property typically require more time to settle than estates without valuable assets.

The probate process can vary depending on if the estate is testate or intestate. When a person executes a last Will, it is known as testate, while intestate means no Will exists. Intestate estates require additional steps be taken to abide by state probate laws. These can include determining rightful heirs and appointing an estate administrator.

Administrators are designated within the last Will and responsible for all facets of estate management. When necessary, estate executors can obtain assistance from probate lawyers. Attorneys can be particularly beneficial when estates consist of valuable property or when family members disagree over inheritance distribution.

Estate administrators are responsible for securing and maintaining probate property. If real estate is secured by a mortgage note, the estate is financially responsible for making payments until the property transfers to heirs or is sold. Selling probate real estate generally requires court authorization.

Estate executors can petition the court to sell real estate or other valuable property when it is in the best interest of the estate. When multiple heirs are entitled to probate property, they must all agree to sell the asset unless the sale is court ordered.

Probate real estate can be a good option for real estate investors. Locating properties requires a bit of investigative research, but can be well worth the time and effort. Probated estates are a matter of public record and anyone can view the last Will.

Investors review probate records to locate potential properties for sale. The Will contains the physical address of real estate, along with contact information for the probate personal representative.

Investors then review property records to find out details such as age, square footage, purchase price, property taxes, and if mortgage notes, creditor judgments, or tax liens are attached. Property records also include the name of the lien holder and appraised property value.

Investors create a list of potential probate properties and contact the estate administrator or representing attorney to discuss a sale. When estates are financially strapped, heirs are often willing to sell real estate below market value to eliminate estate expenses.

Buying probate real estate normally involves submitting bids through the court. It is not uncommon for several investors to submit bids on the same property. Once bids are accepted, investors undergo court confirmation and transfer property within 30 to 45 days.

Probate real estate often makes for exceptional investment property. Houses are usually in good condition and require few repairs. It is important for investors to conduct due diligence prior to submitting bids. It is also a good idea to work with a real estate attorney to ensure a smooth transaction when buying houses held in probate.

About the Author:
Real estate investor, Simon Volkov shares insider-secrets on how to how to buy probate property via his website. Investors are invited to join Simon's real estate investment club to receive access to nationwide investment opportunities at www.SimonVolkov.com.