If you’re on the hunt for lucrative real estate deals in Sacramento, you might be considering inheritance lists and probate lists as potential goldmines. Before you dive headfirst into marketing to these lists, it’s crucial to understand the three significant differences between inheritance lists and probate lists in California.
When an individual passes away, their estate is passed on to their heirs. While this can be a heartfelt way to preserve family wealth, it can also present challenges for heirs who suddenly find themselves owning additional properties they didn’t anticipate and can’t afford to maintain. This is where savvy investors like you come into play.
In your marketing strategy, you can target both inheritance lists and probate lists, but it’s essential to grasp the unique aspects of each.
Difference #1: Completed Versus In Progress
The first fundamental difference lies in the stage of the process. Inheritance refers to the transfer of an estate from a deceased person to their heirs, while probate is a specific phase in the inheritance process where the will is validated.
Consequently, an inheritance list typically comprises addresses of properties that have already transitioned to the ownership of heirs. On the other hand, a probate list consists of addresses of properties that are currently in a state of limbo, waiting for the will to be validated.
Difference #2: Ownership Status
Another key contrast involves the ownership status of the house in question. In the case of a probate list, the property may still be owned by the estate of the deceased person, with the heirs patiently awaiting the will to be verified.
Conversely, a house featured on an inheritance list has likely completed the transition and is now owned by one or more heirs.
Difference #3: Sensitivity in Communication
The third distinction isn’t so much about the list itself but rather in how you approach the potential purchase of a property with the heirs. A house on a probate list may be the result of a recent loss, and the heirs may still be grappling with the emotional aftermath of the death, unsure about what to do with the entire estate.
In contrast, a property on an inheritance list is potentially owned by the heirs, and the previous owner’s passing may have occurred some time ago. This knowledge can guide you in discussing the property with sensitivity and understanding.
Important Note: Terminology Matters
It’s vital to be aware that when you rent a mailing list from a company, they may use the terms “inheritance list” and “probate list” interchangeably, potentially differing from the distinctions outlined above. Therefore, always read the fine print in your list rental to fully comprehend the properties included.
In Summary
If you’re considering acquiring a list for targeting motivated sellers, it’s imperative to grasp these three critical distinctions between inheritance lists and probate lists in California before making a decision.
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