Look to Probate

Flipping houses or renovating properties to sell is a great way to make a profit.  7.2 % of all home sales are flipped houses.  With so many jumping in the game and fewer houses on the market finding a good home to flip is getting more difficult.

It might be time to spend some time in understanding the court system in your area.  A probate property is on the market by the court to pay for outstanding bills owed by someone who has passed away.  Here are 3 areas to consider that all come from court issues:

Death:  After someone dies their home may need to be sold in order to pay outstanding bills.  The Executor of the will or whoever has the Power of Attorney for the individual can sell the property.  If there are many outstanding bills, they may be willing to get the property sold quickly for under the market value.  And even when the estate isn’t in arrears, it’s not at all uncommon for estate Executors to be willing to discuss reasonable terms in selling a piece of property they or the family no longer have any real need for.

Bankruptcy:  Business and individuals who find themselves in bankrupt often need to sell owned property quickly in order to get creditors paid and bankruptcy finalized.  There could be deals to be had here for commercial property as well as residential property.

Divorces:  When couples find themselves splitting up assets time can be their enemy.  Nothing can be finalized in a divorce until both parties sign a deal.  This too can lead to good deals on property.

Familiarizing yourself with probate, bankruptcy, and family court can be a benefit.  Do not let yourself focus on the tragedy of all of these scenarios.  You might be able to make a good deal for you and help someone else with a quick resolution.