Point blank: When you know the secrets to profiting from probate properties, you have the ability to make a lot of money. Probate properties can be can found all across IL and Chicago Home Buyers can help you successfully navigate this world of investing.
1. Understand How The Process Works
Buying a property through a probate court or estate sale is not like buying a property off the MLS. Every situation is different and processes vary state to state.
Sometimes beneficiaries will all have to approve the sale, sometimes it is at the discretion of the court. Sometimes the Executor will have the power to list the home as if it were their own, so make sure you are aware if it will be an off-market sale or not.
Ask how the offers should be submitted and if there will be any special processes or time constraints you need to be aware of.
2. Don’t Be Crass
When a property is going through probate, family and heirs are dealing with many stressful tasks and emotions all at once. Being overbearing by contacting immediate family is an instant way to get your letter ignored.
Before you reach out to the family, try to see if they are working with a broker, and if not, seek to speak with the executor of the estate.
Think about how you would feel in their shoes and act accordingly.
3. Make It Easy
With all the stresses heirs are dealing with, a quick and easy sale is going to sound appealing. Make the process easy for them. Let them know you will take care of items left behind and any repairs that are needed.
All of those things need to be taken care of before a home can be listed, so save them the hassle by buying as-is. Make sure they know you are not going to try to negotiate any repairs, and if you are paying cash, let them know how quickly you will be able to close.
4. Look For Heirs Who Live Out of State
If you are using a list to find potential probate property opportunities, look for properties whose heirs live out of state. Typically these owners/heirs will be more motivated to sell in a fast and timely manner.
They are not going to want to fly into town, clean up, repair, upgrade, and take care of all of the belongings in the home before being able to list it. A fast and easy transaction will benefit both them and you. Everyone wins.