Probate Real Estate: Better Than Foreclosures

Try Probate Real Estate Instead Of Foreclosures

Trying to turn a profit working in foreclosures is not easy. It seems like everybody and their brother is in the foreclosure business. In many areas, it is hard to get a piece of that market, even if you are interested.

Foreclosures Are For Vultures, Probate Is For Heroes

When you work with foreclosures you are often dealing with people that do not really want to sell to you. They are usually desperate, have to sell, and are rarely happy about the situation. They are often losing the roof over their heads and some people can get really nasty during the transaction. In probate, it is very different as many people want to sell to you and the house in question is often not the seller's primary residence. You are dealing with people who are motivated to sell, not highly stressed people. It makes a huge
difference.

Many Heirs Are Happy To Sell To You

A friends' mother passed away in the mid-90s and he inherited a house about five hours away. While talking to him one day on one of his numerous trips back and forth to deal with the property, he said that if someone would offer him a
reasonable price for the house, he would gladly take it. He said it didn't even have to be the best price he could get, just a reasonable deal that could be completed quickly and easily.

When a loved one passes away, along with the property one inherits a very large project which most people don't need and don't want to deal with. If you can offer a quick and simple solution, they view you as the answer to their problem.
In addition, oftentimes there are several siblings who inherit the property jointly and live in different parts of the country. Disposing of a property that is far away from where they live is very difficult. In most cases, they don't want the property and they don't want to figure out how to buy each other out,
they just want to split the money from the sale of the property. This is especially true if there are other bills to pay associated with the estate of the deceased.

Property Tax, Another Reason Heirs Might Want To Sell

Many people over 65 years old defer their property tax liability through a senior deferral. Once they pass away, these deferred taxes become due. If children inherit the property and have to deal with the issues of the estate,
they also inherit this tax liability. Many people in this situation need to turn the property into cash as soon as possible so that they may pay these taxes and other costs associated with the estate.