Deeds From The Dead Often Leave Heirs In Need Of A Buyer By Dr. Tom Rhudy

I guess the first question we must answer is, "What is probate?"

Probate is simply a legal process that occurs after an individual dies. This process customarily includes the following:

- Proving in court that a deceased person's will is valid. This is customarily simply a matter of routine.

- It is necessary to identify and inventory the deceased person's property.

- It will also be necessary to have the property appraised.

- It will also be necessary to make a determination as to what debts continue to be owed on the property (e.g., taxes).

- It would then be necessary to distribute the remaining property in accordance with the provisions identified in the will. If no will is available, the assets are to be distributed in accordance at the state's direction.

It is true that most states allow a portion of an estate to pass without going to the process of probate. If that is a case, the property will simply pass through to the heirs identified in the will. (This presupposes that a will is extant.) Any remaining assets would be subject to the probate process.

So what do we do with the "deeds from the dead" if we are an heir to this estate? Well, if you want the property, then you don't have to do anything but assume ownership of that property. However, if you are just one of many heirs, you may be frustrated as to how the estate may be distributed. If that is the case, you may find it necessary to find an individual who is willing to buy the property from you at a reasonable price to enable you to have those proceeds distributed to the heirs to this particular property.

Fortunately, there are many investors who are willing to assist individuals who find themselves in the situation. Therefore, if you have one of these deeds and are in need of selling that house very quickly, you may be able to do so in a very quick and efficient manner. However, it's important for you to keep in mind that the individual will be looking for a win-win situation between both you and that investor. It is unlikely that the investor will be intent on keeping the property for himself/herself. It is very likely that the investor will attempt to sell it to another buyer with whom he is able to negotiate such a transaction.

As is often true, to consummate a very quick and efficient transaction, it may be necessary to sell that house at a price lower than the current market value. If you didn't do so, it would be unlikely that you could entice an investor to make such a quick purchase of the real estate.

Keep in mind, if you're one of these individuals who does receive a "deed from the dead," you may not be stuck with the horror of property ownership. Yes, if you're reasonable, you're very likely to find an investor who is willing to assist you in being able to avoid having to take possession of the property and also putting money in the pockets of those heirs.

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