5 Pitfalls to Avoid When Starting Out in Probate Investing in Fort Lauderdale

Buying probate sale properties is a great way to find eager sellers with properties in good locations. As with any type of real estate investing, setting the right expectations helps set the tone for success. Here are five pitfalls to avoid when starting out in probate investing in Fort Lauderdale.

Expecting a Fast Process

The probate process itself is bogged down with attorneys, executors, and courts. It isn’t a fast process. For anything to be accomplished and completed, the courts must approve it, including the sale of any real estate. Not only will the executor need to present the offer to the courts for approval, they must wait for court dates to open. The courts will review the offer, making sure it meets the cash requirement needs of the entire estate.

What that means for you is sitting and waiting. The courts might need to confirm all taxes, final expenses and other debts are calculated. It will want to see that the estate has enough cash proceeds to meet those needs. It can take months, sometimes more than a year for the probate process to finalize. Factor this into the offer and potential swings in the market.

Thinking Every Property is a Bargain

Once upon a time, investors heard “probate sale” and assumed that they could get a below market price deal for the property. When estate tax laws had low threshold limits, executors and beneficiaries often found themselves needing to liquidate quickly to meet the tax liabilities in a timely fashion or face fines and penalties.

This isn’t the case in most probate sales today. The estate tax threshold is in the millions and most probate property sales don’t need to worry about a quick sale to pay estate taxes. What this means for you as the investor is that you should expect to pay a retail price, or at least something close to it. In fact, know that many executors won’t consider offers without first listing the property for public sale. Multiple offer situations mean executors have done their job to see what the market will yield for the property, meeting their fiduciary responsibilities.

Read on to discover more pitfalls to avoid when starting out in probate investing in Fort Lauderdale.

Demanding Repairs or Credits

Executors are not homeowners. Beneficiaries are working quickly to sort through the items within the property. They then need to either hold an estate sale, donate, or dispose of these items. They are not in the business of fixing a home up for sale. Don’t expect them to.

When making an offer on a probate property, be sure to list “as is” as part of the terms and conditions. This makes the escrow process easier for executors who no longer need to worry about any requests for repairs or monetary credits in the process.

When making an “as is” offer, make sure you have done extensive due diligence prior to making the offer since your only options are to withdraw or keep an offer you weren’t comfortable with.

Failing to Understand the Probate Process

The probate process is very specific. Executors must follow the court rules and regulations. Failure to do so can result in personal liability. Understand that beneficiaries are not always the probate estate executor; they do not make the final decisions on these things. In fact, the executor might make decisions but these decisions need to be approved by the probate court.

It may take time for the courts to review and approve the purchase offer because the courts must look at the entire estate financial picture. All debts and bills need to be taken care of, as well as probate court costs. Learn the probate court system in Fort Lauderdale so you don’t frustrate executors.

Not Going Back to Previous Property Offers

Keep good records of when you make offers and what the circumstances are around the offer and why it might be rejected. Because the probate process takes so long, many investors make the mistake of removing themselves from the opportunity and moving on to the next quick investment.
Consider that the executor may have had deals get declined from the court or buyers back out upon inspections or appraisals. If you have good notes and remain professional, you can go back to the executor and renegotiate the deal. You might find them to be more receptive to your offer after the property has been sitting. When all other matters in probate are completed, the executor might be more willing to quickly liquidate the property and work with you on pricing.

Becoming an expert in probate home buying will be beneficial to your real estate investment career.

CONTACT US TODAY AT (954) 350-0000 OR BY OUR ONLINE FORM IF YOU ARE LOOKING TO SELL AN INHERITED PROPERTY FAST. WE CAN MAKE A CASH OFFER TODAY.

How To Use The Internet to Sell Your Home in Sarasota

Now, more than ever, people are finding success selling their homes online. But with the online marketplace being so hot, you are likely to face some stiff competition! We have put together our favorite tips to help you stand out and sell your home fast!

Go Where The Buyers Are:

There are many online listing portals to choose from. Look up some listings in your area. What sites show up first in the search results? Many times, the tops sites are Zillow and Trulia. Love them or hate them, they have a great grasp on generating real estate traffic. When you list something on the MLS, it is likely to be picked up by these major sites. Whether or not you are advertising with them, you’ll want to make sure your properties are showcased well.

There are services that will syndicate your listing to many top sites, so you only need to enter your information once. However, make sure to check your listing on all sites in which it was syndicated. Automation can sometimes lead to the data being jumbled.

Consider Premium Listings:

When you do a property search on any major website, you will likely see certain properties at the top time and time again. They paid to get that top spot. Just as the Agents you see over and over again paid to put their name first. If you want to give your property instant traction, it can be worth the extra cost to put your listing at the top.

Create a Property Specific Website:

A unique and interesting way to sell your home using the internet would be to create a property specific website. A basic website and domain won’t cost you much to get started. With a little SEO, content, and imagery, you can quickly build a site to rival the big advertisers when it comes to showcasing your house!

Use Amazing Photos:

They say a picture is worth a thousand words, and they are absolutely right. Make sure the words used to describe your house are “Stunning, spacious and immaculate!” not “Dated, cramped and dingy!” When buyers see a photo of your home, it tells them whether or not they want to pursue it further. For many buyers, it is not easy to picture themselves in the home if they are seeing your personal belongings. Get a head start on packing by putting your knick-knacks and decorative items away. Get rid of all the clutter, then hire a professional photographer to take photos of your home. Look through a few listings. Notice who paid for a professional job, and who took cell phone photos from the street.

Use an Accurate Description of the Property:

Be as detailed and as accurate about the property as possible. Disclose any defects but also make sure not to overlook the details that may be a selling point for a certain buyer. If you have recently re-done the roof, mention it. If there is a large and bright kitchen, you should mention it.

Watch Your Words:

When people are house hunting, the listings can all begin sounding alike and running together. A lack of adjectives will cause every property to be “beautiful” and “cozy.” Don’t blend in with the crowd! Use colorful language to make your listing stand out from the rest. Don’t just gloss over the ad, using generic words to describe your property.

Use Data To:

Acquiring, understanding and using data will almost guarantee you a quick sale. Using data, you will be able to:

• Run comps of recently sold properties in the area.
• Locate and contact the best agents in town. Online reviews will ensure you find the agent that is best for you!
• Study market trends for real estate in your area. Ask questions such as: when is the best time of year to sell my Sarasota house? What are the current buyer demographics?

Are you ready to sell your home in Sarasota? We are ready to help! Fill out this form, or give us a call now! (954) 350-0000

Selling My House Fast in Melbourne

You need to sell your Melbourne house fast right?  If you’re saying… “I’m having the toughest time selling my house fast in Melbourne“… you’re at the right place 🙂
These tips will help you get your property sold.
[NOTE: Most important – if you really need to sell fast, consider the option of selling for cash offer to a qualified local investor like "Your Trusted Home Buyer"

Selling My House Fast in Melbourne - Your Options

Lately the financing world has been really screwy. Lenders change program requirements at the last minute – and for normal purchasers, that could delay your sale.
Keep in mind that anyone can write a cash offer, even if they’re borrowing money to purchase the property.  So when you’re selling a house through a real estate agent to an end buyer… be prepared that if the buyers financing falls through… you’ll have to start the sale process all over again… adding more months to the process, more holding costs you have to pay for, and more.
To avoid having the buyer pull out at the last second because of financing… one option is to sell your house to a local investment firm like us.

Often, qualified investors have access to multiple lines of credit with public and private lenders that is secured by other assets.

That means we can close quickly and we don’t have to wait for a bank loan to come through. You get your sale done and cash in hand quickly.

You’ll have to do some due diligence to make sure you’re dealing with a qualified local investor. Qualified investors will have no problem providing you access to bankers and references who can verify the investor’s ability to close on the loan.
If you’ve taken a cash offer with an earnest money deposit, you might be entitled to keep the deposit if the buyer can’t close on the purchase.

But how do you get cash offers fast?

You can get a fair cash offer from us actually today.  We’re buying properties in the [market_city] [market_state] area, which we’re local to… and we buy Melbourne houses … then we either hold them as rentals for ourselves… or we’ll repair / remodel the house if it needs it and sell it to someone who loves the house.

If your local Melbourne property qualifies, we can buy your house fast.

Just fill out the form or pick up the phone and call us anytime at (954) 350-0000