In Probate Real Estate, as an Investor or Probate Agent one of my main objectives is being the first one to approach the estate about buying the probate home.
This is critical for those of you who want to make this niche a consistent source of revenue.
If you are not the first your chances of buying this probate to flip for yourself or your investor or in making a sale as an Probate Agent and or taking a listing goes way down.
Bottom line...
Be there the week the court file is opened.
One of the questions I receive from my students over and over is why go the first week since the petitioners (who will be executors) are not approved by the court yet and they can't sell the property anyway.
Let me clear this up right away.
The petitioner CAN SELL the property the day you reach them.
Yes you have heard me right! What they can't do is close the sale until they are approved as executor by the court.
This is important so make sure you understand what I'm saying.
Regardless if I'm acting for myself as a principle, representing an investor or end user buyer I also try to tie of the probate property from the petitioner if possible.
Your Probate Real Estate Investing success will be enhanced if you can do this.
Even if you are just acting as a Probate Agent and trying to sell the property to your end user client or take a probate listing be the first one there.
I use a addendum when I buy for myself or client and I have a clause I use which states "The offer is subject to the petitioner being approved as the estates executor".
This is all you need in dealing with probate homes and beat your competition.
If the petitioner is approved as executor your offer is valid, if they aren't for some reason your offer is no good.
If you can grasp this concept it will aid you well.
I have purchased this way and even had my sale contested when a petitioner was pressured by a friend to sell it to him.
The agent representing this buyer who had already made an offer (low ball $20k less than mine) came back when he heard I had tied up the property and now wanted it.
Greed kept them from landing this probate property and once I had it tied up even though the petitioner couldn't legally close it with me he was bound unless he rescinded being the executor.
The other agent tried every trick he could to blow my deal but even the estate attorney told them it's a binding sale UNLESS the petitioner is not approved.
He was, my deal was accepted and we closed.
3 months later we earned a $40K profit plus commissions.
SWEET! Probate Real Estate Investors and Probate Agents make sure you grasp this and if not give me a call and we can chat about it...