So you want to get started buying probate properties? That’s good because it’s an excellent way to get started in real estate investing and house flipping.
There are many good deals to be had, but there are also some significant risks if you don’t know what you’re doing. Our advice would be to engage the services of a qualified real estate agent. But if you still have doubts, here are three reasons why contacting a real estate agent will help you buy probate properties in NY.
Why Contacting a Real Estate Agent Will Help You Buy Probate Properties in NY
Find and Sift Through Leads
Probate leads are the potential probate seller clients who have inherited properties and who want to sell quickly. There is, of course, the legal probate process that must be strictly followed. But these leads often are not prepared or willing to hold the property because, for example, they live out of state.
Most neophyte real estate investors don’t really relish the thought of finding, pitching, and closing probate leads. It often feels a little unsavory because you will have to approach, say, a grieving widow. Still, you don’t want to pass up the outstanding deals you can get with probate properties
A qualified real estate agent can help you here. You can turn the whole lead process over to the experienced agent, or you can have her guide and assist you in it.
Navigate the Complex Probate Sale Process
The probate sale process varies from state to state, but for the most part, follows a general (and often complex) pattern. It generally begins with you or your agent contacting an estate’s executor, usually through the executor’s probate attorney. This involves some legal niceties, so it’s best to have your agent do it.
In many states, once the executor accepts your offer, the court has to approve the offer and the sale. This is done to ensure the executor is fulfilling his fiduciary duties and so is another reason why contacting a real estate agent will help you buy probate properties NY. Your agent can help you navigate the court-approval process, which also allows public bidding above your approved offer.
Get a Better Deal With Optimal Timing
This is an area that truly proves contacting a real estate agent will help you buy probate properties in NY. In some instances, timing is absolutely critical to get good deals on probate properties.
Depending on the situation, you can sometimes get a great deal by getting an offer out there very early in the process. Still, you’ll have to wait for the probate process to play out. But an effective strategy your agent can help you with is to set up a contractual closing date of 90 days out. ‘The period can be lengthened or shortened as necessity dictates, but this is a good way to get you at the head of the line of buyers.
Another optimal buying time is immediately after the executor is appointed. Since properties are the most difficult estate assets to move or liquidate, the executor may be willing to deal. All you have to do is give the executor incentive to close quickly. And if you don’t know how to do that, your agent can advise you.
Are you convinced now that contacting a real estate agent will help you buy probate properties NY? Then the next task is to find the agent who can best meet your real estate needs.