If you want to be a successful house flipper, you need to find good properties to purchase. It’s just that simple.<\/p>\n
If you look hard enough and network enough, you might find these houses below market value through some unconventional means.<\/p>\n
For instance, you can purchase a house through a short sale<\/a>.<\/p>\n You can also find them from wholesalers<\/a> as well.<\/p>\n Alternatively, you can buy the house at a foreclosure auction<\/a> if it has already been foreclosed…although those are a little tough to find these days.<\/p>\n You can also purchase it as REO property <\/a>if it hasn\u2019t received any bids or you might just score a great deal if the homeowners are going through a divorce and want to get rid of the property as fast as possible.<\/p>\n There is, however, another\u00a0way that you can search and find property that is way below market value that many real estate investors do not know a whole lot about<\/em>: purchasing probate properties.<\/strong><\/p>\n Probate property is property owned by a deceased person. Two things happen when the owner of a house dies:<\/p>\n Properties of people who die without leaving a will or an heir to their house usually go to a probate court to be sold. In this case, the state is in charge of selling the property. They might try to sell it for the highest price possible but it will still be below market value. This is a great place for flippers to find valuable property at a cheap price.<\/p>\n If this is the case, you might still have a chance at purchasing the property. Sometimes, the heirs might feel that the deceased relative\u2019s property is a burden because they already have their own home. If this is the case, the heirs might want to sell the property as fast as possible to avoid profit through maintenance, taxes, insurance and other costs.<\/p>\n It\u2019s almost impossible to know whether a house is probate property or not when you look at real estate listings so you have to do a little more research. One place you can find probate properties is by going through obituaries in your local newspaper.<\/p>\nWhat Exactly Is Probate Property?<\/h2>\n
1. There\u2019s No Heir\u00a0or Will<\/h3>\n
2. It Is Handed Down To The Heirs Of The Deceased<\/h3>\n
How To Find Probate Property<\/h2>\n