Investors often approach motivated sellers dealing with pre-probates, as many of them inherit properties that have rare chances to enter into the probate process. Probate requires involving the courthouse for proving the validity of a decedent’s last testament or will. However, pre probates can comprise real estate assets that are non-profitable and don’t indulge in complex legal procedures.
Smart investors always make use of leads to locate pre-probate with real estate Georgia and avoid possible delays that might come with buying probates. They mostly take the help of trusted agents to secure profitable properties that are non-probate transfers in the real estate industry. Moreover, pre-probates can save your money and time while purchasing inherited properties.
If you are interested to invest in pre probates but don’t know what makes certain real estate non-probatable, keep reading this post. Here, you will get to know the benefits of non-probate properties and why they can be transferred fast to the buyers.
Why Some Real Estate Assets are not considered for Probate Processes?
Locating pre probate leads can be quite tricky for many buyers as it requires a proper understanding of which property need to go through probate. Sometimes, a lack of knowledge can make you miss out on lucrative property offers that come under non-probatable assets. Hence, you should know the types of properties that are not probated. Let’s take a look at some assets that can avoid probate courthouses.
v Properties Gifted to Trusts
Property owners often designate living trusts as the beneficiaries for their properties or pick up names of trusts to title them up. They mostly do this so the assets can avoid undergoing a probate process when they pass away. If the decedent mentions the name of any trustee to which he/she is gifting the property, this person will be the property executor for distributing assets to rightful beneficiaries or inheritors.
v Assets with TOD or POD Accounts
Sometimes, properties are stated as transferable through payable on death (POD) or transfer on death (TOD) designation by the person. In these particular situations, real estate designated as any of these categories is likely to be transferred to the inheritors without involving probate courthouses.
v Real Estate through Joint Ownership
You might also locate certain properties that are owned by two or more owners and one of them dies due to some reasons. When these real estate assets are purchased through joint investments between spouses, live-in partners, or business associates, they can prevent becoming probatable. Some properties are also titled community assets and categorized as JTWROS (joint property with right of survivorship) to transfer rights of ownerships without probate process.
Various other property types can also come under non-profitable assets, which you can acquire through pre probate leads. If you can also acquire ownership of a house that has never filed for probate, it can be considered as a pre probate asset.
What are the Benefits of Pre Probate Properties for Real Estate Investors?
Many real estate investors choose pre probates over probate properties due to speeding up the process of validating will or giving ownership to the right inheritor. Probates also involve assessing the entire assets of the deceased person that can be considered probatable.
Moreover, dealing with probate real estate is more time-consuming and involves legal proceedings compared to pre probates. However, there are some advantages of selecting pre probate real estate that influences investors.
o Confidential Proceeding
Pre probates or non-probate properties don’t require public proceedings like probates. Instead, the transfer of all assets to the beneficiaries or heirs is done while maintaining privacy. You can think of it as a non-formal probate procedure that doesn’t involve any complex legal formalities like probates. Hence, investors prefer pre probates to stay away from probate courthouses and acquire inherited homes through confidential and authentic sources.
o Quick Property Transferring
Sometimes, the nature of properties involved in pre probates plays a significant factor in speeding up the entire process. If you are looking for transferring assets that are mentioned against TOD or POD accounts of the decedent, acquiring them can be quite easy for the beneficiary. It only requires validating the identification of the beneficiary and the death certificate of the deceased owner. As soon as you provide these documents through the proper channel, properties are likely to be transferred within a short duration. Read more about How to US Real Estate an Excellent Funding Next Year
o Cut Costs to Raise Profit Margins
Therefore, locating non-probable real estate can eliminate additional expenses like court fees, charges to representatives, clearing taxes, payments to creditors or lenders, etc. Once these costs are reduced, you can purchase lucrative pre probate houses while maintaining high profits and good ROI.
Buying non-probable properties can increase your profit, offer quick deal closure, and grant ownership in a short duration. Moreover, investing in pre probate with real estate Georgia can be beneficial for investors as they don’t involve probate courthouses for property acquisition.