Probate Real Estate
I have worked Foreclosures, REO’s, Paper and nothing has compared to the potential of Probate Real Estate, for those who understand the procedures, have the people skills, real estate savvy and persistence can profit on. Probate is a learned skill which takes time, knowledge, people skills, real estate savvy and persistence to master. For the Last 20 years Probate Real Estate been my bread and butter.
In a Probate Real Estate sale, the process is pretty much the same as a regular sale but there are a few more procedures which have to be dealt with before escrow can close. The court needs to be petitioned for the sale to be approved, a court appraiser needs to place a value on the probate real estate for tax purposes and fee’s, in some cases a Notice of Proposed Action must be sent out to the heirs with an interest in the home, there needs to be Letters of Testamentary in order for the Executor to sign the grant deed (in the deceases name) to the new buyer with title insuring. In short there are many more bridges to cross in a probate sale than a regular sale and if anyone of the required actions is not completed, the sale doesn’t close.
In a Probate Real Estate sale, everything outlined above happens but there are a few more maneuvers which have to be dealt with before escrow can close. On top of the above requirements the court needs to be petitioned for the sale to be approved, a court appraiser needs to place a value on the probate real estate for tax purposes and fee’s, in some cases a Notice of Proposed Action must be sent out to the heirs with an interest in the home, there needs to be Letters of Testamentary in order for the Executor to sign the grant deed (in the deceases name) to the new buyer with title insuring. In short there are many more bridges to cross in a probate sale than a regular sale and if anyone of the required actions is not completed, the sale doesn’t close.
In many States, even after the buyer has gone through all these extra steps in a Probate sale, the buyer(s) can lose the home to an over bidder at the Confirmation of Sale hearing which takes place about 6-8 weeks after the seller (Executor) has accepted the offer. Yes, all this red tape; wait for 6-8 weeks and I can lose the house. No wonder not too many have entered the Probate Real Estate arena. I have learned how to work the Probate court procedure and have earned 6 figures for many years from Probate Real Estate Investing the DF way.
So why would anyone in their right mind go through this process. The reason is called many names, “Wholesale Purchase”, “Discounted Purchase”, “Motivated Seller”, “Huge Profit, “Hidden purchase”, “Sweat Equity” and many other reasons. Probate Real Estate is a golden goose to the few who know.
So if this is the reason why aren’t more investors, agents and buyers looking at Probate Real Estate. The reason is confusion. Most don’t have a clue how a probate works, what options there are (States differ), how to use the laws to enhance your sale or hide it, and how to get around the attorneys who only purpose seems to be killing your deal.
Probate Real Estate is the last frontier as far as I’m concerned with profits of 10%+ on the retail value of the homes you are buying and selling or keeping. So if you’re in an area where homes sell for $250K you should be earning $25K net profit if you flip or an instant equity position. If your average price is $500K like my area than $50K profits or sweat equity. I have been doing this and earning these profits with probates for over 20 years plus reducing my work hour week form 60 hours to around 10 hrs per week all through the 90’s and 2000’s.
Now that I’m semi retired I’m teaching others the Probate Real Estate Investing secrets of what I learned over the last 20 years and this has opened an entire new world for me. I wish I would have had me to mentor under when I first started back in 1987…..
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Probate Information
"A new law in 1987 changed everything and is the basis of my system. I teach "5 Levels" of income opportunity for investors and or agents to buy and sell probate real estate. This system is what I do every week and most investors or agents do not have a clue how this works."
