Buying Probate Real Estate | The Property Patrol

Most real estate investors read the same classified ads, see the same real estate signs, pursue the same real estate foreclosures. Think of real estate investing as a piranha tank.? All the piranha represent investor bird ?dogs? real estate agents who work with investors and those looking for investors.

Once a foreclosure hits the market, like a piece of meat thrown into the piranha tank, everyone jumps on the foreclosure, especially if the foreclosure is offered at 60-70 percent of real market value.

So how do you beat investors to cheap houses before the house hits the market? Consider other types of distressed properties like probate or tax deeds or tax certificates.? Look for other areas to buy real estate cheap, in America or international real estate. Where do you look for these cheap houses?

Pick up your local newspaper and go straight to the classified section. Don?t go to the real estate page but go to the Legal Notices section. Do not look under Obituaries, look for Probate or Death Notices or Notice To Creditors.

In Florida, look for Notice of Administration. Notices to creditors must be published in newspapers. The notices appear between Monday and Friday. If you can not find the notices, call your local newspaper and ask them when and where they publish Legal Notices.

You will be able to go through public records and probate cases to locate property heirs want to get rid of.? Antique dealers look to probate records to buy ?estate sale? items. You want the property not necessarily the household items although, you could add the items into an offer.

Offering to purchase the property, showing current values of comps, you should be able to buy the property for substantial discounts. Remember, heirs have probate costs they are concerned with including probate attorney fees which can vary from 4 percent like Hawaii and California to 10 percent like New Mexico and Wyoming. These fees are estimates and vary depending on the estate. Heirs will look to settle estates quickly.

The Property Patrol will look into title insurance and how to select title insurance companies.

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Source: http://thepropertypatrol.com/?p=391

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