Exchange of real estate
Are you looking for a clear market with motivated home sellers who are often willing to sell at a big discount, a market where you want little or no competition?
If your answer is "who isn't?", Then there are a lot of real estate investors who will tell you their secrets to buying testamentary real estate. According to many of them, real estate sales are easily the most profitable area for real estate investment.
What is testamentary real estate?
When a person dies, his estate, all his worldly possessions, he often goes to a probate court where a judge appoints an executor to oversee his administration. It is the executor's job to ensure that property is divided fairly and in accordance with the wishes of the deceased. Depending on the state, the judge may also grant the executor different levels of power.
Why are testamentary property owners so motivated?
In many cases, when an heir inherits a property, he inherits a fee. We have to pay property taxes, repairs to be made, including in some cases a mortgage or other mortgage to be kept up to date. Cash ready can be more important to them than any other factor.
Add to that the fact that there are often multiple 'owners' and many of them can live far away and you have a situation where selling the house is the best option, sometimes the only one, to make sure everyone gets their share. equity.
Isn't it illegal to sell property under test?
It is often assumed that selling real estate in succession is extremely difficult, if not impossible. The truth is that in most cases the executor has the power to make the decision to sell as long as he has the consent of all the heirs to the estate. In some cases, he or she may also need permission from the court, but even if that happens, the agreement between all heirs will generally be all the judge needs to approve a sale of real estate. Examine the Collin County Texas Probate of your state for any claim; For example, some require the property to be listed through a licensed real estate agent.
How do I find properties in order?
Inheritances are a matter of public registration. A little investigation in your local court gives you a list of all wills submitted for inheritance. A little more initial work will generate land registry records in your name. It's about a little research to find properties whose owners are eager to sell and sell quickly.
How do I communicate with people to buy their inherited property?
Unlike foreclosure sales, where homeowners are forced to sell when they do not want it, many heirs are eager to sell their property quickly to use the cash made. You can send letters or postcards, make a phone call and even visit one in person. Just remember that you are offering a solution that you may not have considered: cash ready. In many cases, they will be happy to accept an offer of only 75% of the market value of the house just to sell quickly, and they will do whatever they need to help the sale take place.