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An excellent approach to finding great bargains in the real estate market is to focus on trying to find 'motivated sellers.' It is entirely unfair to equate the term 'motivated sellers' with 'distressed sellers'—the two positions are entirely different. The principle of finding 'motivated sellers' applies to the type of transaction desired and the efficiency of the transaction. The best example of this is probably seen when looking at a retail store. At the end of summer retail stores must clear their shelves and warehouses to make room for a whole new inventory geared toward autumn and winter merchandise. It would cost too much to re-collect the summer goods, store them and then re-distribute the next year, so the simplest solution is to sell the items at a strong discount. In this way the retail stores become 'motivated sellers' and the consumers find bargain discounts of 50 percent or more—the situation is favorable for both parties. Looking through probate records to find 'motivated real estate sellers' follows the same principle. Probate records are estate properties that are to be distributed to debtors and inheritors after the original property-owner has passed away. It is much easier and more cost-effective to convert the real estate to cash for the purpose of these distributions. It is important, again, to realize, that these are not necessarily sellers in distress. Quite the contrary, these sellers are motivated by three things: a desire to settle the estate as quickly as possible, to avoid unnecessary and continuing operational costs, such as utilities, taxes, and maintenance, and pressure from other inheritors and debtors to receive their portions in order to utilize this for other purposes. In order to achieve these goals, the estate distributors encourage quick real estate sales by offering strong discounts below market values for buyers. Probate records are held by state probate courts. When a property-owner passes away, the will or last testament is provided to the court in order to prove the validity of the document. In cases where there is no will, a list of properties of the deceased is provided to the court and the distribution follows state law. In order to begin finding real estate properties through probate records, the first step is to check the newspaper obituaries. Obituaries are actually a critical record used by probate courts to provide notices to any creditors or those who may have an interest in the estate that is about to be distributed. Once you have checked the obituary listings for possible options, the next step is to go to the county courthouse records department and browse the probate records there. These are public records and can be accessed by anyone. The record will provide you with the estate's executor and full contact information. Then contact the executor to find out when the property will be available on the market and if you can make an offer. Another option is to keep a close watch on the newspaper classifieds for estate sales. Attending these provides a good possibility you will be able to speak directly with estate family members or the executor about the possibility of purchasing the property. Oftentimes, probate properties need some work done. Usually this is cosmetic, but in some cases it can be more serious in nature. Understandably the estate's executor and family members are not interested in putting additional money into the property to freshen it or stage the property. Their primary motivation is to convert the property into liquid assets in order to enable distributions. Therefore, great care should be taken when inspecting these properties and ensuring that the cost of repairs is taken into consideration in the selling price. Taking the time to examine probate records is a great method for connecting with 'motivated sellers.' The transaction greatly assists the distribution of property for the sellers and provides the real estate investor with excellent market discounts and a good investment option. So don't overlook this opportunity!
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