Probate Real Estate is a unique niche I have been doing for 30 of my 40 years as a real estate agent in Northern California (Bay Area).
As a Probate Agent I have represented both investors and end user buyers wanting to purchase wholesale probates and also representing estates who wanted to receive high retail and not just offers from investors.
There is a science to both sides of this probatet transaction you must know. Up until about 2000, I was the only agent doing Probate Real Estate full time (as far as we know). Today many more have joined the band wagon and I don't blame them as this is a golden opportunity for those who know what they are doing or are willing to learn.
I don't mean agents who are order takers doing what the estate attorney tells them for a listing but for professional Probate Agents who make their living buying, selling probate homes.
One of the ways we buy is in our name or assignees.
This allows us to tie of the probate property (keeps competition away) and once we know our numbers (fix up, inspections, real value, etc) we will then assign the contract to one of our investors or if we are not buying to flip then we'll share it with one of our end user buyers.
Many agents and investors have made comments that you cannot purchase "Your Name or Assignees" when buying a probate because the courts and estate attorney won't allow it. This is somewhat true but I have taught my DF students and private coaching students how to make this work for them and I will give you a brief outline here.
First when you purchase in your name or assignees you will have a clause which states at the end of the "due diligence" time-line (inspections and disclosures), the buyer who is going into title will be identified if it is different then the buyer on the offer to purchase.
We instruct the estates attorney not to petition the court for anything until we are ready to move forward with the actual buyer. This may be me, one of my team members, one of our investors or a end user buyer in our buyers bank. Your Probate Real Estate success will be greatly enhanced if you understand this process. We also only place a small deposit ($1000 or less) up front and state in our offer once the inspection and disclosure contingencies are removed (17 days) we will then increase our deposit to whatever works and which gives us a position of strength.
As a Probate Agent you want to make sure you are always in the right posture. Not a "No Down" wannabe who has purchased a late night info course on buying with no cash. You want to be different, legit and a professional who understands what he/she is doing in the Probate Niche. When you display your expertise to a PR/Executor, you're value goes through the roof.
This will help you when there is competition although the way we buy probate homes there is rarely any competition.
Once you assign the contract you can then have the estate attorney petition the court for the sale under the "I.A.E.A, and close in a few weeks.
I have done this procedure many times over the last 30 years in my lucrative Probate Investing business.
I hope this helps you and if you would care to learn more you can visit my Probate Training Website here
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For the Last 25 years I've Been Training Thousands of Agents & Investors, How to Find, Buy, Sell, List, Flip, Wholesale & Farm Homes in Probate.
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