OfflineEven more reliable than taxes, death creates opportunities for the purchase of good real estate at attractive prices. Every day someone in your area dies and leaves behind real estate that his heirs may not have any desire to retain. These properties are sold in probate sales by executors of the estate with the assistance of probate attorneys (or by the public administrator if the owner dies without a trust or will. Know the laws and rules regarding probate sales in your area, because waiting periods and even court confirmation may be required before the sale is finalized. Also, these sales are often subject to overbids. A potential buyer can use the overbid process to appeal directly to the court. (Before the court issues the order approving the probate sale) to outbid you and purchase the property for more than the current offer under consideration. Generally, the right to overbid requires an offer that exceeds the existing offer by at least 5 percent. Be aware that this possibility exists, and be prepared to raise your bid. Just be careful not to get caught up in a bidding war and overpay for a property. Set a maximum price for yourself before you begin bidding.
An investor bought a one-of-a-kind beachfront property in San Diego at significantly below market value from the estate of an elderly gentleman who died and left the property to his son. Apparently, the son had no interest in living near the ocean because of the noise and traffic that accompanies beachfront properties. So, the son contacted a real estate broker. He was anxious to sell the property, including the house and two rental units, for not much more than the value of the land alone.
PROBATE SALES
Posted on: Thu, 06/30/2011 - 19:32
PROBATE SALES
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- by scarlson
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Ok this sounds good. When is the correct time to contact someone about a property where the homeowner has passed away? And how do you go about that? I know of a property where the lady passed yesterday morning and i dont know where to start. It is a very nice house in a very nice neighborhood. There is no mortgage on the property it has beeen paid off for many years so there is equity in the property. It is a nice 2 or 3 bedroom house handycapped axcessable. I would like to do something to get this property but i have no idea how to start. Can someone tell me how to start? Please help thanks.
" Not Having a goal is more feared than not reaching one"
Christa Niven
I know of a probate property. When is the best time to approach the family of the probate property? What is the best way to do so? Any Help on this subject would help right now please please please. It is a very nice house and i would like to do something about this property thanks.
" Not Having a goal is more feared than not reaching one"
Christa Niven
Here is a thread on probate that was up last yr and had a lot of info. A number of the posts have been deleted by the author for personal reasons but there are still some good tidbits in here.
I hope it will help you some.
http://www.deangraziosi.com/real-estate-forums/everything-else/55567/pro...
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Thanks Karen, very helpful thread.
Thanks Karen this should help alot. Still not sure when to approach the family though.
" Not Having a goal is more feared than not reaching one"
Christa Niven
I was trying to remember where I saw an earlier thread, not sure if it is the same, but should help me to consider whether this is for me or not.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Do you know the family personally? Or do you know someone who is close to them?
If so, get into a conversation with them and ask what they are going to do with her property--that you work with a number of investors (or you are investing) and are looking for nice properties in this area.
I would work this into a conversation, if possible, and not necessarily make it sound like you are just honing in on it. Be sympathetic to their loss (which I am sure you will) but present it in a way that you are offering your help.
Just a thought. Since no one else is presenting any ideas.
You should probably try to get with someone soon. If not, someone else may beat you to it.
One way to present it that I have seen is to say, "I'm sure this may not even be anything you all have thought about yet, but if you decide to sell it and would like some help, this is what I do and I would be more than happy to help you in any way I can." And make sure to give them your contact info.
A very long time ago there was an investor on here who had handled hundreds of probates. This is what he said he would say. Then, since he was usually the first person who had contacted them, they got back with him many, many times. Having been the first, they remembered him and his being so kind to their situation.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Thanks Karen,
Yes I know the family my husband and partner knows them better then i do. I am sure it helps to know the family to be able to get the deals first. Say the house is worth $143,300.00 do you offer 50% to 75% of that. What is the correct formula for this? s say $100,000.00 to much to offer if we offer to buy everyting in the house as well? Just wondering thanks.
" Not Having a goal is more feared than not reaching one"
Christa Niven
I dont think i mentioned that we would probably try to rent it first as there are very few handycaped assessable properties around that area. If that doesnt work then we would fix and flip. Not much to fix up though it is in very good shape.
" Not Having a goal is more feared than not reaching one"
Christa Niven