Short Sales - Probate – Foreclosures
"Buy low... sell high" are words familiar to the investment community. In Real Estate... the ability to purchase properties for profit is exciting and profitable! Buying foreclosures, probates, or short sales are some of the ways to profit from real estate. When it comes to purchasing "income producing property, you have a options! However, how you buy them isn't always so "black & white".
There's no doubt that Short Sales have become common language, but the desire to purchase them has dwindled. That's because there is nothing short about a buying a Short Sale, except the amount a lender is willing to accept. The paperwork is enormous, the response time from the lender is often days out, and because it takes longer than usual to close the deal, both buyers & sellers get frustrated. The flip side is that when it's successful, it can be profitable.
Foreclosures come in two flavors; bank owned (REO), and HUD homes. Both have a preliminary sale at the county court building where they can be purchased through a bidding process. If the desired price is not attained, the bank will purchase & retain the note, becoming the owner of record. Soon after, it becomes available on the open market known as the MLS.
Probate is not quite as popular to the public as foreclosures & short sales. Nor is the availability driven by the market, instead it’s driven by the “life” cycle. The fact is… people die. When they do, and they do not have an Estate Trust in place, their assets will go through a process known as probate. Only the savvy investor can monopolize on these opportunities.
Divorce and job transfers are other instances when circumstances often require the sale of real property out of necessity.
The fact that an investor can profit from these situations, they can at the same time help those suffering due to these circumstances. Investors are needed for this very purpose, they help to stabilize our neighborhoods and property values. If you need help with any of these situations, feel free to contact me by filling out the short form below.