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How To Make Money In Probate Properties
By: Simon Macharia |
| word count: 495 comments(0) views: 124 |
| One of the most profitable deals in real estate investing is buying and selling probate leads, or buying houses from people that have inherited property. |
One of the most profitable deals in real estate investing is buying and selling probate leads, or buying houses from people that have inherited property.
This guidelines will help you make more money from probate properties through better targeting.
Most probate properties are either in needs of repairs or they have outstanding mortgages, making them problematic to the beneficiaries. These people are motivated sellers especially if they have to make mortgage payments to keep them.
If they needs to be fixed up, they cannot be sold on the open market even if they have no outstanding mortgage. This makes these sellers quite motivated.
Probate properties are most likely to be your most profitable deals.
How to target probate sellers.
1) Check county records for probates
Search in your local county records for new probate filings from time to time. I can access this information on the internet in my local area. This information is still available by visiting the courthouse.
You will need to note down the deceased, the executor (trustee or administrator)of the probate.
The deceased might still have property listed in their names in the county records, or in the estate name, such as John Doe Estate.
The trustee handles the probate on behalf of the beneficiaries. The beneficiaries have inherited the property, which they may be looking to sell.
Always check county records to verify if they own property.
2) Send letters
People who have lost loved ones are delicate emotionally. I usually sympathize with their loss and express my interest to buy any real estate they might have when the time comes.
I send them a series of letters for 6 months because the probate process can take long. I stop sending them follow-ups if they have not responded within 6 months.
Of course as always, I give them prominent link to my website and a phone number. The idea is to get all the information through my website so it comes already pre-negotiated and pre-screened when I get it.
There is a good real estate investor website recommended at the end of this article.
They are likely to call you or contact you through your website when they are ready to sell. The rest is easy.
3) Sign a purchase contract
Once they are ready to sell, sign a regular real estate purchase agreement. Deliver the contrast to your title company so they can start title work and prepare for closing.
The title company knows how to close probate properties. They will prepare and execute all the necessary affidavits and paperwork for you with the beneficiaries and executor so you will just need to go to closing.
If you wholesale property, then this might be a good time to get a wholesale buyer to flip your property to. This subject has been covered by the same author in other articles. |
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