Probate FAQ

Posted by Techyscouts | Posted on 10/18/2019
  •  Real Estate

    • Probate Real Estate Agent in Los Angeles, CA

    At the offices of Mike Millea, our mission is to find the best real estate opportunities in the Los Angeles market and make even the most complex real estate transactions easy for our clients. As one of LA’s leading probate real estate brokers, Mike Millea has years of experience navigating the complexity of probate law and understands how to get the best deal done quickly, and his deep knowledge of local markets allow him to find the best probate properties for his clients. We strive to be a comprehensive resource for buying and selling probate real estate, and if you’re interested in learning more about probate, you can get answers to some of the most common questions here on our FAQ page.

    Common Questions About Buying & Selling Probate Real Estate

    What is probate real estate?

    Probate real estate refers to property going through the probate process, which is a legal process used to ensure that property goes to the proper heir, or beneficiary, after the property owner passes away. Usually, this is necessary when someone dies without writing a will or the will isn’t complete and doesn’t cover the property. Probate involves a step-by-step process that helps the courts make sure the property goes to the right person.

    What is an administrator in probate?

    The probate process involves a number of people with specific and important roles. An Administrator is someone appointed by the probate court to administer the estate of someone who died without a will, also called dying intestate. Administrators are appointed by the court when there is no will, the will did not name an executor, or the executor named in the will is unable to complete their duties.

    Can you buy probate real estate?

    Yes, you certainly can, and it can often be a great investment. However, the probate process can be long and involves a more complicated set of steps than a traditional real estate transaction. No matter what, it’s imperative to have an experienced, qualified probate lawyer to guide you through the legal hurdles of the process.

    Can you sell probate real estate?

    Absolutely, but again, it’s a longer and more complicated process. Selling probate property requires the approval and facilitation of the probate court – although this is also a good thing, as the process is designed to ensure the property sells for the best possible price. In addition to a more intricate selling process, probate properties are sold in an auction when the time of the final sale comes.

    What are the pros and cons of buying probate real estate?

    Buying probate property has both its advantages and disadvantages. One of the primary reasons to purchase probate property is that it can get you a great deal, as it’s often possible to acquire properties for less than market value. However, the process is long and arduous and involves many legal hurdles. Most probate properties are fixer-uppers and are sold “as is,” which means it’s also critical to perform your own thorough inspections and due diligence before buying the property.

    Contact Your Los Angeles Probate Real Estate Agent

    Buying and selling probate real estate is a complex process, but with the help of an experienced probate real estate agent, it’s entirely doable. Mike Millea has helped countless homeowners and investors of all stripes find the best properties in the LA market and close for a great deal, and he has years of experience navigating the intricacies of probate. Interested in learning more about buying or selling probate property? Contact us today!

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