More than 73 million people in the United States currently own their homes. Most of those people will still own those homes, and possibly other real estate, when they die, and that property becomes part of an estate that must be transferred to an heir or heirs. Probate investors can expedite this process by liquidating the property quickly to make it easier for the estate to be settled.

There is a common misperception that properties in probate can’t be sold until the estate is settled. This is not true. In fact, if the property is sold while the estate is in probate, it can speed up the settlement process.

While plenty of people are delighted to inherit Grandma’s house or Uncle Joe’s hunting cabin, millions of others see these properties as a burden they don’t have time to deal with. Many probate properties are distressed, often because the owners were elderly and unable to properly care for their homes. In many cases, the heirs are scattered in other cities and states, making it difficult for them to deal with the details involved in disposing of the probate property. Also, heirs often don’t want to—or can’t—interrupt their own lives to handle selling a property, and they may not have the cash necessary to get it in marketable condition, or even to make mortgage and insurance payments. They may have strong feelings about the property—sometimes positive, sometimes negative—that could be pushing them to a fast resolution. Typically they just want to get the estate settled as fast as possible, and if that means selling property for under market value, they’ll often do it.

Finding Probate Deals

There are a number of ways to locate probate opportunities. One is to read the legal notices in your local newspaper. Most communities have a legal record newspaper that publishes legal notices. You can also read the death notices and obituaries in the local newspaper; in most areas, these are available online as well as in print. Search the tax records to see if the deceased owned any real property, and if so, make contact with the executor or personal administrator of the estate.

Market to probate and family law attorneys. Send them direct mail, attend the networking events they attend, call their offices and set up meetings to introduce yourself. Network with your own family, friends, and acquaintances, as well as the community at large. Let everyone know that you are a probate property problem-solver and the go-to person if someone needs to dispose of a probate property.

A method that takes more work but is generally more productive is to research court records, either at the courthouse or online (if your local court systems posts this information online). The court records will tell you everything you need to know about the estate, whether or not it includes real property, and who you need to contact with your marketing message.

Remember that probate marketing can be delicate. The family may be grieving or there may be other dynamics going on that will affect how the heirs respond to you. Acknowledge their loss and make it clear that you are there to help.

When it comes to negotiating the deal, the actual process is much like any other real estate transaction. Explain that you are a real estate investor who helps people with probate properties, get the details on the property, do the math and make your offer.

Of course, as with any real estate investment, you should always go into the deal with a clear exit strategy in mind. Never buy a property—probate or otherwise—without knowing what you’re going to do with it. Remember that the abundance of opportunities available through probate investing do not relieve you of the necessity to follow solid investing practices from beginning to end of every transaction.