Special offer

Probate Over Bids

By
Real Estate Agent with EXP Realty

Probate Real Estate offers many opportunities which many agents (95%) really never pursue.  As a probate agent I have many avenues to earn commissions (agent) and profits (as a principle) and for 23 years have enjoyed this real estate niche.  I am spreading the word now to help more agents learn this business so they can add Six Figures to their yearly production earnings.   I want to help those who want to learn but again this is my 36th year in the real estate business and who knows how long I will stay active.  Point is, take advantage if you want to learn Probate Real Estate as a Probate Agent.

Court overbids are a less they what they use to be (a good thing) as more an more attorneys are having their estate clients sell under the I.A.E.A which treats the probate more as a regular sale then a probate sale.  You will need the Letters of Testamentary and Notice of Proposed Action but this is about it then it's a regular sale.  

For the court overbids (old process) I want to talk about the probate listings on the MLS which state "Subject to Court Confirmation".    This means the estate attorney will take the highest and best offer and petition the court for a confirmation of sale hearing.   At this hearing the court referee will make sure all the paperwork is in order than ask for any other interested bidders.  I have several  blogs on how this works so go back a few months and read up on it if you need to know how the over bid process works.

I want to talk about the Probate Listings and things to check.  Preview these listings after a notice is posted on the MLS that the probate is pending subject to court approval.  What I have found over the years is good sale prices because the estate listing agents didn't know what they where doing to protect the sale.   I have found MLS listings with wrong bedroom counts and square footage plus more work describe being needed than actual.  The listing agent may have double ended the probate listing or an agent in their office and they are trying to protect their sale and keep all the commission.  Yes this happens folks.   As a Probate Agent working the Probate Real Estate niche you need to know how to deal with this.

Again inspect the properties to make sure the subject is as described in the MLS.  Then go to the court (via computer or direct) and pull the court probate file for the subject.  There should be the complete contract of sale which is going to court for confirmation.  You can find who sold the property (Agent wise), for how much, any credits and anything else you would need to know if this is a good deal to find a buyer for.  You will be surprised what you will find and this is in my regular monthly research and will produce several extra sales per year for you Probate Agents.

Another clue if this could be a sleeper is to call the listing agent and ask if the home is available.  If they tell you it's pending and nothing else this is a  sign they are protecting their sale.  If they tell you it is pending but your client can overbid in court then they are being straight and you can figure this is a retail deal.    Remember when dealing with Probate Homes we want to purchase from 10-30% discount for our clients we as Probate Agents will represent Flippers (30% discount),  landlords keeping the probates as rentals (10-15% discount) and end user, move in buyers who will pay retail just to buy a home. 

This is inside information on the wonderful world of Probate Real Estate where a savvy agent giving focus to this niche and learning my system can earn Six Figures per year.   Hope you take advantage.  Give me a call 5109-728-2943 if you would like a FREE report on what I do or chat about this.....GDigrazi@Aol.com

Comments (0)