How To Find Probate Houses To Sell?
When someone dies and they don’t have a will, their estate goes into probate. This means that the court appoints an executor to handle the estate of the person who has died and the estate goes to the first closest relative. The relative who ends up with the home is often very motivated to sell the home. These homes often need a lot of repairs and the owner might not want another home to deal with.
Many times homes in probate need a lot of work and they often have deferred maintenance that needs to be dealt with. These homes can be a real nightmare for the owner and the new owner probably doesn’t want to deal with making the repairs before they put the house on the market. The owner often doesn’t even have the money to make the repairs since the houses often need so much work, so if this happens they are usually better off selling the house as is to an investor.
This is where you come in. You get to offer a valuable service to the homeowner and you also get to make money on the sale. The owner is going to be relieved of the burden of owning the home and you can make a healthy profit since you are buying the home at a discount. If you are going to start buying probate properties you need to have an excellent grasp of the local real estate market and you need to know what the properties are worth and what to offer so you can make a good profit.
You need to study the market where the probate property is located and look at all the comps and other information so you are ready to make a reasonable offer. You need to make a profit, but you don’t want to lowball the seller either. Taking advantage of people is no way to run a business. You have to make a fair offer for the property. People are often in an emotionally distressed state when they find themselves with an unexpected house.
It gets difficult for the seller sometimes and you can increase your chances of making a sale if you offer to make things easier for the seller. You might offer to dispose of the belongings as part of the sale or arrange a moving truck for the seller. There are lots of ways that you can make things easier and you are going to want to do this if you can because your chances of making a sale are going to go way up when you do.
Make Things Easier For The Seller
The seller is very likely to feel totally overwhelmed by what is happening and the easier you can make things for the seller, the easier it is going to be to close on the sale. The seller wants to easily get rid of the house and they don’t want to have to think too hard about it since they are probably already stressed out by what is going on. If you can make things easier you are going to help make your sale easier.
Another thing you have to work out is where you are going to find the probate properties. You are going to need to either purchase lists of probate properties in your area or you are going to need to do the research yourself and visit the local court websites and look for probate listings in the paper. This takes time and if you don’t have the time to do this you are going to be better off buying a list.
Start your marketing campaign by sending letters first. Make the letters be your first point of contact. Once you start sending out letters you can wait for a response and then you can call the potential sellers to see if they are interested. You are likely to get a hit this way and you can make some great money when you actually sell the house.
Investment In Probate Houses
If real estate investing is for you, you can get your feet wet by investing in probate houses. They are often easier to sell since the seller actually want to sell the house and when you find the right property you can make a lot of money. If you are a beginning real estate investor, buying probate properties is a great place to start. You can buy the property and then fix it up and sell if for a hefty profit.
You can also rent the probate property after you clean it up and make money this way. You can often rent them for top dollar especially if you do some cosmetic fixes to the properties so they show better to potential renters. Probate properties are a great place to start making money and growing your real estate empire.