Why Probate Properties Are a Great Deal
Posted by Techyscouts | Posted on 12/19/2017
As your Los Angeles probate real estate agent, Mike Millea is here to help you with probate property, in addition to real estate law. Probate properties are incredibly valuable and can help a buyer get a great deal when in search of a house. Allow us to share with you a bit more about probate properties and what makes them so great.
Benefits of Probate Property
The number one benefit of probate property is the cost. Because there’s such an urgency on making a sale, you’ll typically find these homes priced at somewhere around 30-to-40 percent under their typical market value. Because of this, an investment in probate property can help make you money. Often, after purchasing one of these homes, you’ll be able to turn around and sell it to someone else, making a decent amount of cash in the process. While probate properties may be hard-to-find, they’re more plentiful than you think and with some looking around, you’ll be able to find a nice selection of houses on sale at a bargain.
How to Find Probate Property
You’ll pretty much never know whether a house is probate property when looking through real estate listings so you’ll have to do a bit more digging. There are multiple ways to find probate property, including the following:
- You can look through the obituaries in your newspaper.
- You can visit a deceased person’s area and look through court records to determine if they owned any property.
- You can look for an office that deals with testaments and wills. Wills are public documents and easily accessible.
- You can also buy information from private companies regarding available probate property.
- Finally, you can look to a Los Angeles probate real estate agent to help you.
Cons of Probate Property
While we do believe that probate properties are an excellent deal, like everything else in life, there are still some downsides to them. The first disadvantage is that the probate process could take a while to go through – from several months to several years. Even though there’s an urgency to sell probate properties, they’ll still take longer to sell as opposed to regularly purchasing a home because there are so many other factors involved. There might be multiple parties involved, disputes about financial obligations, and waiting periods for the court to approve the application.
Also, while you’ll be able to get a good deal on the house itself, you’ll have to pay quite a bit more for other expenses. Over time, you’ll pay fees for attorneys, executors, and filing, which can add up as you wait for the probate property deal to go through.
Contact Your Los Angeles Probate Real Estate Agent Today!
Mike Millea has a wealth of knowledge when it comes to probate properties and would be glad to work with you as your Los Angeles probate real estate agent. Feel free to give us a call at (310) 939-9356 and don’t hesitate to contact us if you have any questions. We’re looking forward to hearing from you!