Today's video is on the special language you must put in every contract when buying probate property.
Probate investing is pretty straight forward 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
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 an 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 normally would. 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 they 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 it themselves which almost never works out the way it should. It took 5 months and many extensions in the contract before we finally made it to the closing table.
It was those extensions that were the problem. Every time you run out of time, you need to get a contract extension unless you have added special language to your contract.
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 too. It's been my experience that using an attorney is the one way to avoid most of the common problems I see whey 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 things the correct way.
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