Probate Properties May Be The Best Deals In Tucson Real Estate
There is one thing you can do to become a house flipper and be successful at it. You must find properties that are good and worth flipping. That’s all there is to it.
It is important to have a strong network when looking for houses to flip, and you should look real hard to make sure that you can find houses below market value that will provide you with excellent properties. There are a few unconventional means that these methods might help to pay off.
Through hard work and networking, you could find an excellent property through a short sale or even by going through wholesalers.
Another method you could try is foreclosure auctions. These homes have already been foreclosed on, and they could be gotten for a steal. However, there are fewer and fewer foreclosure auctions in most areas.
It is also possible to purchase some properties as a REO property if no one has bid on it. If the homeowners are suffering or going through a divorce, they are usually trying sell the property in a hurry, which could allow you to get an excellent deal on the property.
However, most real estate investors that buy probate property like Doug Hopkins stay away from these types of properties because they don’t think to purchase or research them, but this is an excellent way to get property that is set below market value.
The Cons of Probate Property
Just like everything, finding probate properties still has its own disadvantages that you will have to deal with. Due to the fact that probate properties are sold by probate courts, sometimes it takes several months before the court is able to finish the proceedings to sale the property. If the deceased didn’t leave behind a will, this could cause the process of purchasing the property even longer. In some cases, the process could even take years. Therefore, if you are hoping for a fast process, then buying probate property might not be a right fit for you.
It takes patience, and if you think everything is worth the wait, then by all means, you can get property at a lower cost. However, it is advised that you have other sources of income and prospects.
The flip side to this is that most courts will sale more quickly if you can prove that you are ready to purchase the property. You can do this by providing them with proof that you have the funds available. Then, you can offer a cash purchase, but this purchase has to grab the attention of the probate court and the personal representative of the deceased. Usually, it is required to spend a 10% deposit to show you are serious with your offer.
Due to the length of time it might take to purchase the property, you need to do as much research on it as you can to make sure that it is the property that you really want. You should find out if the property is attached to any sort of leftover debt, like a mortgage. If the property does have a mortgage attached to it, you will become responsible for remainder.
Thankfully, most homes that are sent to the probate court do not have any sort of debt connected to it, and even if it does, the property still might be worth purchasing, you just need to make sure that you have done all of the proper research to make sure that it will all pay off in the end after you flip the home.