The Special Language You Must Put in Every Contract when Buying Probate Property
Today you're going to learn the special language you must put in every contract when buying probate property.
Probate investing is pretty straightforward in my state. However, there is one sentence that you need to add to every contract when buying a house that's in probate. This will help you avoid potential problems down the road.
The Process of Buying Probate Property
I've been investing in probates for a very long time now and generally speaking, buying probate property is no different than buying any other property. The deal goes smoothly most of the time. But … every now and then, that just isn't the case.
There is always an exception to the rule isn't there?
Here is a Perfect Example for You
A few years ago I put a probate property under contract exactly like I had always done. I assumed what the executor and the heirs told me was accurate, and that was that the house was ready to be sold. Now I don't think these folks meant to be misleading, but they had really made a mess of things when it came to settling the estate. They were trying to do everything themselves which almost never works out the way it should without the help of an attorney.
How did I discover this problem? I didn't. My closing attorney discovered it out when he ran the title. This is one point I want to make. If there is a problem, your attorney or title company will let you know.
This deal took 5 months and many extensions in the contract before we finally made it to the closing table. It was getting those extensions that became a problem for me. Every time you get close to the end of the time specified in your contract you either need to be ready to close, or you need to get a contract extension. That is unless you have added special language to your contract, and that's what I want to go over today.
Are You Required to Use an Attorney to Settle an Estate?
There is no law saying you must use an attorney, and some people choose not to. It's been my experience that using an attorney is the one way to avoid most of the common problems I see when the family tries to do it themselves. A good attorney will save you a lot of time and even more headaches.
*Many thanks to Harry Borders of Borders and Borders who is my attorney here in Louisville, KY. They take care of virtually any problem that comes up with my closings. They are also known for educating investors in this area so that they do things the correct way. When it comes to working with probates, having an attorney involved in the closing is definitely a plus.
Here's Your Video
Want to Learn More About Probate?
Probate Investing Simplified
Want to know how to become THE probate investing expert in your area in just 6 short weeks? You can do that! Check out my course, Probate Investing Simplified BY CLICKING HERE.
Thanks for Listening to the Show!
I would really love to hear from you. Please leave a note in the comments section below. And, if you enjoyed this episode, please share it on social media using the social share buttons below.
Please Subscribe and Review in iTunes
Are you subscribed to my podcast? If you’re not, I want to encourage you to do that today so you don’t miss a single episode. I’m doing some special bonus episodes and if you’re not subscribed there’s a good chance you’ll miss out on those. Click here to subscribe to iTunes!
I would be really grateful if you left me a rating and review over on iTunes too. I love reading those reviews, and they help other people find my podcast. Here's how you do that: Just click here to leave a review. Once you're on Apple podcasts, click “listen in iTunes.” Then select “Ratings and Reviews” and “Write a Review”. Let me know what your favorite part of the podcast is. Thank you!
You can listen and subscribe on Stitcher by clicking this link: Subscribe on Stitcher, You can also listen on your favorite podcast player.
If you want to find out how you can work with me, you can do that by clicking here. Learn specific strategies for building your brand and creating more effective marketing for your business.
To learn how to to become the go-to probate expert in your area Just click his link.
Have you gotten your freebies and subscribed to the blog? If not be sure to do that today so you don’t miss any of the business-building tips I have coming your way. I want this year to be your best year ever!
This blog which was previously published in 2017 has been rewritten and updated.