Probate Investing As Your Option
Probate investing is one of the investment opportunities in real estate that is often unnoticed
. This is also one field that you can look into other than wholesaling, foreclosures and different variations. Motivated sellers are common in this area as the heirs will sell to pay for the property debt and will sell quickly for a huge discount.
For those who wants to know what probate is, it is the course of transferring the rights of the estate of the deceased person to his or her beneficiaries. Probate court will decide on who gets the property and it would be a lot easier if a will is present. If it is valid, the taxes and debts will be paid first, before it will be distributed to the heirs. So it is important that a will is present, if not, the procedure in claiming the estate will take longer.
The relatives who inherit the property usually have their own homes already and they do not feel the need to have another one. They also fear the property may become an added baggage, especially if there is a mortgage or upkeep involved. Maintenance is costly, so they may feel it is not practical to keep another property. They may not choose to list with an agent thinking that it will not sell even at a discount. Some investors may close it in a week and that can be a huge relief to a grieving family.
Some of them may be living far from the inherited property, they could be staying at another state and it is too much of a bother if they have to worry about the extended property. It will be challenging for them to handle especially it's too far for them to take care of it. This is where you can step in and proffer your help to keep them from the trouble of holding on to it. So it is common in these cases for them to just get rid of the property and the burden.
But before you think of ways in getting your hands on these properties, you also have to bear in mind the family that you will be dealing with. It will not be simple to just go straight up to them and offer your assistance. They just lost their dear ones and that they have other things to think about like paying the proceeds from this estate, bills and unresolved debts. It may take time before a family is willing to move on and sell the property, if that is truly what they want.
Many people shy away from probate investing due to the fact that you will have to deal with a grieving family. So you can try going to probate courts as well and sit in on the process and you may learn of properties that you will be interested in. If no property is listed, you may obtain names in local obituaries and verify the will as it is a public record. Then contact the heirs to determine if they will be interested to sell the property.
With probate investing, you may find sellers who intend to sell and not sellers who are obliged to sell their property just like foreclosures. It is important that you show your condolences, act professional and ensure them that if they are ready to deal with the deceased estate, that they can keep you in mind if they come to a decision to sell later.
Once you get started with probate investing, it should not be hard for you in keeping a steady flow of properties coming your way. Establish a good reputation in the market and you will have a nice business going in probate real estate.
by: Claud Pearce
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