Buy Homes At Less Than Market Value

Last week I received an e-mail from Sherri in Whiteville, NC. She told me she was very surprised at the results she had gotten using my system to purchase homes out of probate. "I mailed out 12 letters and got two phone calls and one appointment to view a house," she said.

She was really excited to share the following with me. "When I asked the Personal Representative if he would be flexible on his price," he said, "Sure ... the house didn't cost me anything!" Sherri said she was a little scared to ask him the question and was really surprised how willing he was to negotiate.

Now I know I've mentioned this before, but there are two primary reasons Probate Real Estate can be bought a such a deep discount.

1. "I didn't purchase this home. It's free money for me."

2. "I just cannot fit one more thing in between the kids' soccer, baseball, basketball, football games. Make me an offer!"

That's it right there folks. Put yourself in the Personal Representative's position. If you were to inherit a house today, would you be open to an offer? Especially in today's market with all the foreclosures out there? It would take me about 1/2 a second to set up an appointment to talk.

"How about a slightly used Yugo and 6 months worth of gas?" Throw in the car and an oil change - tow her over here! Well, I wouldn't be quite that desperate. It would take at least a Pinto! But you get the idea.

The other reason I hear all the time for the seller accepting a deeply discounted price is, "I just don't have time for another project. Make me an offer!"

Again, put yourself in the PR's position. Are you ready to carve out time in your busy schedule to handle all the details for fix-up and to resell? If I add any more to my schedule, I'm going to have to clone myself!"

So those are the two primary reasons why the Probate field is the "hottest new untapped market" for real estate investing.

When I was in New Orleans recently at a Real Estate Investors conference, I was a real hot commodity. A lot of the real estate investors there wanted to talk to me about Probate. Why? Because it's an "untapped market". Once I was introduced, I immediately became "the guy to go to!"

So you see, even among experienced investors, this is still a relatively unknown topic. In addition, the Probate market will only continue to grow, unless the medical profession figures out how to keep us all around in perpetuity!

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