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A key ingredient to your success in probate real estate investing will be the seller. Investing in probate properties offers an abundant supply of very willing sellers.
A ready and willing seller can take 90% of the headaches out of acquiring a property, so treat the seller with kid gloves. In many cases, the seller really needs to sell the property; almost desperately. They need money and you are the key to them getting their cash our of the home.
Lucky for you, they don’t want to argue with you or dicker over every last detail. They don’t want to own the house, so they see you as a means to and end, i.e. getting rid of the house for some quick cash. In most cases, the sellers need money to settle the affairs of the deceased, previous homeowner, you are a hero in their mind. You need only provide them with a reasonable offer for the property.
How can you, as an investor, possibly know what is reasonable? Walk through the home and take note of any repairs necessary to ready the property for renters. Be sure to note exterior issues as well, such as painting and roof repairs.
Take a look at every last repair that needs to be done. Get professional estimates, if necessary. One by one, reduce the offer price by the estimated costs to bring the home up to your standards. Take time to type up your finding and then be prepared to discuss the repairs and your offer price with the seller.
Take the position, that the seller is dealing with multiple investors. If you have a take it or leave it attitude, you could ruin your chance to acquire the property. Always treat your sellers with kindness and respect. Don’t conveniently forget to discuss things, they will resurface at a later date and potentially spoil the deal. Be kind, truthful, and candid.
Even though probate property investing is not as emotionally involved as foreclosure investing, you should always be as kind and caring to the seller as possible. You may not always have the whole story about the previous homeowner, i.e. they could have died unexpectedly. Always be professional about the interior finishes, no matter how out of date they may be. It will not get you anywhere to be disrespectful about someone else’s taste in decorating and more importantly, it could ruin the deal for you. Think before you speak.
You can make probate real estate investing very easy for yourself, if you always make the effort to be kind and respectful to the seller. When you are kind to the seller, you are ultimately helping yourself close another profitable deal.
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