Realty411 Magazine Featuring Lori Greymont | Page 25

PROBATE REAL ESTATE
W
Article by Leon McKenzie,
U.S. Probate Leads
hether you are new to
the probate business
or consider yourself an
experienced professional, there are
times when you need to take a step
back and make sure that your busi-
ness model isn’t missing a potentially
profitable option. Probates, with
their deeply discounted prices and
motivated sellers, can provide op-
portunities that you simply can’t find
elsewhere. These properties exist
in a wide variety of formats, from
small residential properties, to dream
homes to office buildings, and even
strip centers and warehouses. There
are many ways to find residential and
commercial options in probate real
estate.
WHY CHOOSE PROBATES?
In thinking about probate real estate,
it is important to understand why
so many investors are now special-
izing in this industry. While there
are many options in real estate if
you choose to become an investor
– everything from foreclosures to
working with traditional buyers and
sellers – there are few areas that offer
the deeply discounted prices and
flexible terms that can be found in
probate work.
The selling of probate real estate
and other property is handled by a
court appointed representative, called
an Executor. This individual can be a
family member, trusted friend or pro-
fessional, such as an attorney or an
accountant. As part of their respon-
sibilities, they have to find buyers for
the property that was left behind by a
Realty411Guide.com

court.” During a private sale, there
would be no court oversight, but in
a probate sale, there is a need by the
Executor to quickly find buyers and get
the property sold. This is one reason
that the pricing can be so flexible in
probates. Additionally, if the Executor
lives out of state and tires of coming
back to deal with estate issues, they
may be willing to take a lower price
on a property if the terms are favorable
and allow them to wrap up the probate
more quickly.
family’s loved one. The proceeds from
these sales go to not only the family
members, but to pay taxes, court costs,
medical bills, funeral expenses, and
other items such as past due credit card
charges. This property needs to be dealt
with in order to pay for these financial
obligations.
The process to buy or sell a probate
home is much the same as many other
types of properties. Brendan DeSimone
said, “In a probate sale, the property is
marketed just like any other property.
The probate attorney or the estate rep-
resentative will hire a local real estate
agent, sign a listing agreement, and
show the property, just as they would
a traditional listing. Generally, the list
price is based upon the listing agent’s
suggestions as well as an independent
appraisal ordered and issued by the

PAGE 25 • 2015

WHY LOOK AT BOTH
RESIDENTIAL &
COMMERCIAL REAL ESTATE?
What many investors don’t appreci-
ate is that there are far more options
in probate real estate than just single
Continued on pg. 48

reWEALTHmag.com
Finding Residential and
Commercial OPTIONS in