Benefits of Buying Probate Real Estate in Brea CA
Probate properties are properties where the owner has passed away but did not leave a will, therefore the property goes through probate court for selling. While it’s not easy to locate probate real estate in Brea CA, some buyers take their time to talk to seasoned real estate agents who are experienced in selling probate property just to make the purchase.
The whole process of purchasing a probate property can take weeks to months to years from when a buyer inquires about it. It also involves a lot of people - executor of the state, estate representative attorney, a real estate agent representing the sale, and other buyers and their respective agents. You’re lucky if you’re the only one who wants to buy the property but if you have competitors, you all have to go through the bidding process to figure out who gets the sale.
It’s an arduous process but many buyers still choose to purchase probate properties and it’s not hard to figure out why:
Probate properties sell for a bargain price.
Because most probate properties have been neglected by its previous owners, these probate real estate in Brea California come at around 30% to 40% below the market value. Some even get a home for as much as half-off for the price of a same-style, same-size new home for sale.
There’s a huge inventory of probate properties.
It’s not easy to have to look for probate properties yourself but with help from your trusted Brea CA Realtor®, you can easily find out which properties are in probate court and you’ll be surprised at the many options you can choose from. The homes are not marketed just like your common home listings so not all probate properties have bidders or buyers.
It’s a buyer’s market.
A buyer’s market is when there are a lot of homes for sale, a lot of options a buyer can choose from, therefore buyers can keep prices down. Heirs of the owners of the probate property usually don’t want to be burdened with the estate taxes, repairs, and mortgage of the probate home. This is why they can afford to sell it at a below-market price because they simply want to dispose of the real estate and turn it into cash.
Probate properties are investment properties.
Some buyers find probate properties, do repairs and renovation on the house, and sell it at a much higher price. If they buy smart, buyers can find the best low-cost probate home for sale and spend a minimum amount just to get everything fixed and ready for turnover.
Call me, Danny Gomes, at (714) 209-7333 or send me an email at Danny@DannyGomesHomes.com if you’re looking for a trusted real estate professional - one committed to Serving You with Honor, every step of the way.