Probate leads are potential seller clients who inherit properties they often want to sell quickly after going through the probate process (the legal process of transferring the assets of a deceased person to heirs). Since many heirs live out of state, or are otherwise not prepared to maintain the property, they often look to sell quickly. While probate leads are great, in order to be truly successful you need to access as many leads as possible. For most new real estate investors, locating, pitching, and closing probate leads sounds right up there with root canal as a way to spend an afternoon. You may even think probate investors are like ambulance chasing lawyers-except they actually chase hearses! The last thing you want to do is bother a grieving widow to make a buck, so probate investing is just not worth it. That is until you start reading about the jaw dropping deals many investors who specialize in probate leads are pulling in. Like most great real estate lead generation strategies, the hardest part is getting started. That’s why we put together this guide. In this article we’ll tell you everything you need to know to start locating, pitching and closing probate properties the right way. No hearse chasing required. When it comes to real estate investing, lead generation is always a road block for new investors. They may have the cash, they may have the knowledge, they may have a great contractor, but when it comes too actually finding leads, most new investors are at a loss. How on earth do you manage to buy properties for less than they are really worth? In order to buy probate properties or any property for below market value, one of four basic conditions must be met: • The owner should want or need to sell the property quickly While pre foreclosures and short sales meet the first condition and absentee owners the second two, probate leads often meet all three conditions. For example, someone who unexpectedly inherits a home from a deceased relative is often unprepared for the financial burden of owning and maintaining a second home, often lives out of state, and rarely needs the home as a primary residence. Even better, since the mortgages of deceased people are often paid off, they own the property free and clear. That means any profit from selling the home will be seen as a windfall. How to Buy Probate PropertiesProbate properties are owned by the estate of a deceased homeowner and are often sold below market value to property investors and potential homebuyers. The process of purchasing these properties can take anywhere from 6 months to several years. Before buying a probate property, you should understand where to find these properties, how to purchase these properties, and the process of court approval for your purchase. Finding Probate Property• Contact local real estate agents: Probate property sales may be marketed like any other home sales, which mean that local real estate agents may have probate listings. The executor of the estate (the person in charge of disbursing a person’s goods after they die), will hire a real estate agency to handle the marketing and sale of the property. Buy property at a public auction: Certain properties are more typically sold at auction, such as farms. Public auctions are advertised and a number of buyers may show up to bid on one or more properties. Review local newspapers: Local newspapers provide a variety of information that can be used to locate probate properties. When reviewing local newspaper, look for the following: Buying Probate PropertyPrepare for a lengthy sales process: After identifying a probate property in which you are interested, you should be prepared for a potentially long process. Generally, purchasing a probate property takes at least six months and could take much longer. If you have a hard timeline for moving into a property, it may be better not to purchase a probate property. Make an offer: You can make an offer on the probate property at any time. However, you should be aware that there are specific requirements for probate properties that are not typically required for regular real estate. Ask for an inspection: If your offer is accepted, you should request to have a home inspection. Most often, family members selling a property do not know all of the problems with the property. By having the home inspected, you get a better understanding of the potential problems with the home and whether the value of the home is less than you originally anticipated. Outbid other buyers: If there are other interested parties, the court will begin raising the price of the property at an incremental rate until a final bidder is left. This process is referred to as overbidding. If another buyer outbids your initial bid, you have the right to continue bidding on the property until a final bidder remains by outbidding everyone else. • The court may choose to raise the price of the house by increments of $5,000 or adopt a more complicated formula. For example, some courts may set the minimum overbid as “the accepted offer plus 10% of the first $10,000 plus 5% of the balance. Rather than trying to locate a real estate agent with experience in probate properties, you could go to your local probate court to find them. When you get there, ask to speak with the court clerk or the individual assigned to the probate court. To make sure you get the right list, ask for the last six months’ worth of probate cases. After receiving the probate cases, identify the ones that remain open by checking the court’s online docket or by asking someone who works at the court office. Once you recognize the open estates, make sure you ask for the inventory for each property. The inventory is drawn up by the executor of the property and then gets filed with the court. If you find any properties that you would like to view, contact the executor or the attorney for the estate by using the contact information on the docket sheet. Make sure you talk to either the executor or the attorney directly to understand more about the property. You want to know if there have been any offers made, how the executor is handling the sale, and if the court has approved an asking price. If one has been approved and the executor is motivated to sell, they may negotiate with you directly. Probate Lawyer Free ConsultationWhen you need legal help with probate in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
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Can You Get Jail Time For Misdemeanors How Long Does The Probate Process Take? Probate Lawyer Grantsville Utah How Many Mortgage Payments Can I Miss Before Foreclosure Happens? via Michael Anderson https://www.ascentlawfirm.com/how-do-i-find-probate-homes/
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