How To Earn Cash In Real Estate Investing With Probate Properties
Buying and selling inherited properties, or probate leads is one of the most profitable ways of making money in real estate investing.
This article will help you target your leads better and make more money from probate properties.
Most probate properties are either in needs of repairs or they have outstanding mortgages, making them problematic to the beneficiaries. The properties are a source of stress and the beneficiaries are looking to sell them fast.
If there is no mortgage, chances are repairs needed cannot allow them to sell it on the open market. The owners are therefore very motivated sellers.
Probate properties are most likely to be your most profitable deals.
How to target probate sellers.
1) Search your local county records
Go to your local county courthouse from time to time and get details of all probate properties. I can access this information on the internet in my local area. You can also access this information from your local county 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 are the ones selling the house.
Always check county records to verify if they own property.
2) Send letters
People are emotionally delicate after losing loved ones. I usually send them very personal and sympathetic letters that show I am sorry for their loss and that if they are looking to sell any inherited real estate, I would be an interested buyer.
I send them a series of letters for 6 months because the probate process can take long. If they have not contacted me within this time I stop sending them.
Of course, I make sure my real estate investor website is prominent in my letters. I also give them a phone number to call. 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.
Within this period, chances are that they will contact you through your website or give you a call when it is time to sell. The rest is easy.
3) Put the property under 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.
This article will help you target your leads better and make more money from probate properties.
Most probate properties are either in needs of repairs or they have outstanding mortgages, making them problematic to the beneficiaries. The properties are a source of stress and the beneficiaries are looking to sell them fast.
If there is no mortgage, chances are repairs needed cannot allow them to sell it on the open market. The owners are therefore very motivated sellers.
Probate properties are most likely to be your most profitable deals.
How to target probate sellers.
1) Search your local county records
Go to your local county courthouse from time to time and get details of all probate properties. I can access this information on the internet in my local area. You can also access this information from your local county 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 are the ones selling the house.
Always check county records to verify if they own property.
2) Send letters
People are emotionally delicate after losing loved ones. I usually send them very personal and sympathetic letters that show I am sorry for their loss and that if they are looking to sell any inherited real estate, I would be an interested buyer.
I send them a series of letters for 6 months because the probate process can take long. If they have not contacted me within this time I stop sending them.
Of course, I make sure my real estate investor website is prominent in my letters. I also give them a phone number to call. 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.
Within this period, chances are that they will contact you through your website or give you a call when it is time to sell. The rest is easy.
3) Put the property under 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.
Simon Macharia is a real estate investor who buys and sells houses in Texas. Learn how you can run your real estate investing business and automate it from an interactive real estate investor website from http://www.RealEstateInvestorsWebsites.net
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