Looking for probate properties in CA?
Inheriting a property might sound impressive, but the reality for most is far from pleasurable. Most of the time, none of the heirs are interested in living on the property, and few love paying the bills for the property as the probate process drags on. At this point, inheritors have two options: sell the property or keep it. If there were no will, the property would go through probate, and the assets distributed by the probate court. Nevertheless, the property might 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. Since probate properties frequently 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 extensive amount of patience and an action plan in place, when the time finally arrives to proceed with the purchase, by educating yourself and being prepared on the steps involved, you can be ahead of the curve and strengthen your portfolio with these great deals. Continue reading as we explore these five tips for investors looking for probate properties in CA.
Locating Properties
Our first tip for investors looking for probate properties in CA is to market directly to properties listed for probate sales. Direct mail can notify potential sellers that you have the answer to their muddles. You’re offering the sellers a fast and easy resolution to any situation they are facing with inherited property, for which you’ll recognize a higher profit on the investment. Ensure that you have the court’s permission, if necessary, to contact the heirs directly with your offer. Probate property can also be found at auctions or public sales, though this method is likely to be more costly.
Sellers Motivations
While it may sound like a blessing, inheriting a property more often than not is an expensive experience. On top of that, these properties are usually older. As homes age, problems develop that can make the house costly to repair or maintain; many are encumbered by the deceased’s debts legally attached to the property through liens that the inheritors 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. Recognizing 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 CA.
Be Ready
Another excellent tip for investors looking for probate properties in CA 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 promptly 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 come up with your plans for financing.
Right Offer
Another tip for investors looking for probate properties in CA 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. Think about the level of competition for probate properties in the current market. Assume 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 swiftly turn the property around and realize the highest possible returns on your investment.
Casey Buys Houses
If you’re seeking tips for investors looking for probate properties in CA, let us give you the best tip of all, work with the professionals at Casey Buys Houses to help you with your probate investments. Working with executors and courts can be a daunting experience, but you can sit back and relax with the highly experienced team at Casey Buys Houses on your side. We have the inside scoop to locate available properties at Casey Buys Houses. Why not benefit from the expertise of the professional investors at Casey Buys Houses to guide you step by step through the process. Let our full-service team of experts at Casey Buys Houses jump into action for you, from inspections to estimating any repair costs. Working with Casey Buys Houses makes it easy for you to come out the winner with your investments by buying probate properties in CA is our goal. Contact Casey Buys Houses today at (909) 455-9496.