Probate Real Estate - Is a Legal Background Necessary?

I know many of you haven't gotten started yet in Probate Real Estate because you are afraid you will run into legal hassles. Well, guess what? When it comes to legal stuff, I'm not the sharpest knife in the drawer either.

However, I'm still extremely successful in Probate Real Estate.

How can that be, you ask? Here's the secret. Buying Probate Real Estate is not a legal process even though the Probate is conducted through the judicial system. Probate Real Estate as I describe in my book, is nothing more than a method of prospecting for folks who might be interested in selling their house at a discount. That's it!

Let me explain it to you this way.

If I thought folks who owned blue houses would give me a discount, I would have figured out a method to contact folks who own blue houses. I have discovered that is not the case. Blue house owners are not a good place to prospect for good deals. Green ones aren't either! What about yellow houses? Nope - wrong again.

How about Probate houses? Now we are talking!

People who have inherited homes ARE more likely to sell these houses at a discount because they don't want them. Why? They have just inherited the house, and most people don't need another house! What they DO need is more long green (cash money), and the sooner the better, thank you very much!

Consequently, I have devised a system to get a hold of them and see if we can put something together. "I'll buy your house quickly if you'll give me a little discount." Simple enough?

So once I find a willing seller, and I'm the willing buyer, we've got a deal. Now it's just like buying the house next door. Even the blue house next door! You and the seller agree on the price, you write a Sales Agreement and the two of you close on the property. Just be sure to use a title company or an attorney, whichever is appropriate in your state, for the closing. They will keep you out of hot water.
Pretty simple, huh?

That's why you don't need any legal knowledge, or legal training. There are no "special" forms or "special" contracts. As a matter of fact, let me give you a little free tip here.

When you go to write your Sales Agreement, if you want to keep in compliance with your local State and County regulations, go down to the For Sale By Owner office in your area and pick up their "forms" packet. It'll cost you around $25. In it you will find a copy of the Sales Agreement that is used in your area. It should also have a short instruction sheet on how to properly fill it out. That's the one to use. Just use their instructions to fill out your Sales Agreements and you'll be good to go. That will also keep the real estate police from knocking at your door!

So now in the two minutes it took you to read this article, you have learned all the legal stuff you need to know about buying Probate Properties.