Looking for probate properties in PA/NJ?
Inheriting a property might sound fantastic, but the reality for most is far from enjoyable. Often, none of the heirs are interested in living on the property, and few enjoy paying the bills for the property as the probate process drags on. At this point, beneficiaries have two options: keep the property or sell it. If there were no will, the property would go through probate, and the assets distributed by the probate court. However, the property may still need to go through the probate courts to transfer the title’s name to the new owner, even with a will.
Good things come to those who wait. Because probate properties often sell below market value, investors with an eye towards the future realize the potential returns are worth the wait; probate is a process that can take months or years to complete. However, with an enormous amount of patience and an action plan in place, when the time finally arrives to proceed with the purchase, by being prepared and educating yourself on the steps involved, you can be ahead of the curve and enhance your portfolio with these great deals. Read on as we explore these five tips for investors looking for probate properties in PA/NJ.
Our first tip for investors looking for probate properties in PA/NJ is to market directly to properties listed for probate sales. Direct mail can inform potential sellers that you have the answer to their problems. You’re offering the sellers a quick and easy resolution to any situation they are facing with inherited property, for which you’ll realize a higher profit on the investment. Be sure that you have the court’s permission, if necessary, to reach out to heirs directly with your offer. Probate property may also be found at public sales or auctions, though this method is likely to be more costly.
While it may sound like a windfall, inheriting a property more often than not is a costly experience. Additionally, these homes are usually older. As homes age, problems develop that can make the house expensive to maintain or repair; many encumbered by the deceased’s debts legally attached to the property through liens that heirs must pay off from the sale proceeds. Finally, while the probate courts drag on, the monthly bills and all other financial responsibilities fall upon the shoulders of the heirs. Understanding that you’re dealing with motivated sellers for these reasons when considering your offer is our next tip for investors looking for probate properties in PA/NJ.
Another excellent tip for investors looking for probate properties in PA/NJ is to make an offer they can’t refuse as a ready cash buyer. You’ll also need to make a 10% downpayment when you submit your offer. The offer may be accepted or counteroffered as with other real estate transactions. You may also have to appear in court and make a higher bid than one accepted from another buyer. You may find yourself bidding against other eager buyers in court, so be prepared. You must immediately provide the required 10 percent down if you win the bid. If you can’t pay the remainder of the total amount of the property in cash, you’ll need to provide your plans for financing.
Another tip for investors looking for probate properties in PA/NJ is to keep in mind that the estate’s executor, appointed by the court, has a fiduciary duty to sell the property for the best price possible when you make your offer. They can be held liable for doing otherwise. Consider too the level of competition for probate properties in the current market. Suppose you’re competing in a seller’s market. In that case, it may be worth offering market value for the property or slightly over, depending upon the potential profits and the results of your inspection. Then, you can quickly turn the property around and realize the highest possible returns on your investment.
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