If you want to get a great deal on a house, try Buying Probate Properties.
As a house flipper, when you are searching for good properties to purchase, you want to get the best deal for your money. Sometimes, there are ways you can buy these houses well below market value through unconventional means.
For example, if a homeowner is facing foreclosure, you might be able to buy the house through a short sale. If the home has already been foreclosed, you can purchase it in a foreclosure auction. Or, if it doesnâ€™t receive any bids, you can buy it as an REO property. Additionally, you might be able to find a deal if the previous homeowners are going through a divorce.
In all of these cases, the person or organization in possession of the property, whether it is the homeowner or bank, is eager to get it off their hands as quickly as possible before they lose any more money.
However, there is one way you can find and buy a property well below market value that most real estate investors donâ€™t know about: buying probate properties.
What Is A Probate Property?
A probate property is the house of a deceased person. When a person dies, there are two different things that can happen to his or her house:
1. There Is No Will Or Heir
If there are no heirs and the deceased person does not leave a will, the property goes to probate court to be sold. At probate court, the state is in charge of selling the property. They will try to sell the home for as high a price as they can, but still well below market value. This is a great place for house flippers to find a good, cheap piece of real estate.
2. It Is Bequeathed To The Heirs Of The Deceased.
If this happens, you may still be able to purchase the property. Often times, the heirs have their own home and their deceased relativeâ€™s property is a burden more than anything else. They will want to sell the property, but not want to hold onto it for a long time because they will loose profit through costs like insurance, taxes and maintenance.
How To Find Probate Properties For Sale
When looking at real estate listings, there is almost always no way to know whether...