3 Differences Between Probate Lists and Inheritance Lists

If you want to purchase below-market homes, the best area to buy might be from probate lists and inheritance lists. However, before you embark on marketing based on those lists, it is crucial that you get to understand the three major differences between the probate lists and the inheritance lists.

Once a loved one passes away, their property or estate is passed down to their heirs. As much as this gesture is a perfect way to maintain the wealth in the family, the property can bring challenges to its beneficiaries especially if they weren’t ready to own any additional houses as well as afford their maintenance. In this case, a home investor like you can help them understand all the available options as you market probate lists and inheritance lists.

Difference 1: Completed Versus In Progress

The first difference is that inheritance refers to the passing down of property from a deceased person to the heirs while a probate is that stage in the process of succession where the bidding will is attested. Consequently, an inheritance list is usually a list of house addresses that have been passed from a deceased person to the heirs while a probate list is often a list of home addresses awaiting a will to be verified.

Difference 2: Ownership Issues

The other difference also exists in the ownership of a home. In the event of a probate list, the immediate estate of the deceased person may take over the ownership of the house, while the heirs wait for the verification of the will. If a house is on an inheritance list, it might have gone through and finished the process of transition, and it is currently owned by one or several heirs.

Difference 3: Message Required

The third difference is not found in the list itself, but in the manner in which you discuss the purchase of the home with its heirs. A house may be in probate due to a recent death of a loved one, and the heirs are still processing the loss as they figure out how to handle the estate.  If a house is on an inheritance list, it is potentially owned by the heir of the deceased and the demise of a previous owner should be a thing of the past. As an investor, you can use this information to enable you to discuss and buy probate houses in question more elaborately and sensitively.

One major point to take note of in case you are renting a mailing from a company is the probability that they are using the terms “probate list” and “inheritance list” interchangeably instead of the way they are described above. Ensure that you go through the fine print of the rented list to understand the properties outlined in the list.

In conclusion, in case you are looking for a list of probate or inherited homes for sale, ensure that you thoroughly understand these three differences between the probate lists and inheritance lists before you make any purchases.

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