Real Estate Vine

Everyone has heard the term “real estate broker,” but few know what one actually is. Real estate brokers are the middle-men for buyers and sellers of real estate and they look for sellers who want to sell and buyers who are anxious to buy. They assist sellers in marketing their property and selling it for the highest but most honest price.

Nature of the Work

Real estate brokers and real estate agents must have the utmost knowledge of the real estate market in their vicinity. This is necessary because they need to know which neighborhoods will be the best fits for clients and their needs. They should be familiar with zoning and tax laws and they should also know where to get financing. They also often communicate between buyer and seller when negotiating prices.

Selling Broker

When a real estate broker is selling a property, they arrange title searches and verify ownerships. They also arrange for meetings between the buyers and sellers where they will discuss details of the transaction. They can also arrange the final meeting in which the new owners receive official ownership of the property. A good real estate broker will also help the buyer get financing because this can make or break a sale.

Buying Broker

Before a real estate broker shows properties to prospective buyers, they meet with them to find out exactly what they’re looking for. They need to know what type of home the buyers would like and they also use this conference to determine the buyer’s budget. Oftentimes, brokers require that their buyers sign a loyalty contract which means that they cannot hire any other broker to show them houses.

Following the initial meeting, a real estate broker puts together a list of properties, locations and descriptions, and sources of financing. Nowadays, a lot of brokers use technology for this because they can give buyers virtual tours via the internet. This is especially convenient when you’re waiting to get an appointment to actually visit a home.

Real Estate Broker’s Tasks

Real estate brokers spend a lot of time looking for properties that would be beneficial to sell. They attain listings and make agreements with owners to put their properties on sale within the firm. In order to determine a good listing price, brokers compare properties with similar properties that have recently sold. Brokers that sell a property that they have listed themselves usually earn more commission. This is because once the property is sold the agent who listed it and agent who sold it receives a portion of the commission.

The Importance of the Real Estate Broker

Ultimately, transactions between home buyers and home sellers would not be able to take place if it was not for the broker. They handle everything from finding the initial properties, to communicating between buyer and seller, to handling all of the transactions. Real estate brokers make sure that the whole process runs smoothly.

How to Buy Probate Real Estate

Probate real estate is perhaps one of the best kept real estate investment secrets. Oftentimes, probate houses can be purchased significantly under market value because estate executors do not have the time, money or resources to maintain property upkeep.

Beneficiaries who inherit probate real estate frequently sell the property for less than it is worth. If the beneficiaries live out of town or in another state they can rack up a considerable amount of money in travel expenses, legal fees and court costs associated with settling the decedent’s estate. By selling the real estate they can reduce their expenses or use the proceeds to pay off outstanding debts.

When property owners die their assets are usually transferred to Probate. Once this occurs, assets can be tied up in court for several months or even years. Creditor and tax debts must be settled before assets can be distributed to heirs. Depending on the circumstances, selling probate real estate may be the only way the family can afford to pay debts associated with the estate. Other times, heirs may desire to sell the real estate so they are no longer burdened with maintaining it.

Probate real estate can be purchased directly from the estate executor. If multiple heirs are entitled to the property, they must all be in agreement prior to commencing the sale. In some cases the estate executor must obtain permission from the court prior to selling the property. In some instances, the court may require the property to be sold through a licensed Realtor.

When it comes to selling probate real estate, beneficiaries have two options. The property can either be sold through the Court Confirmation process or by using the Independent Administration of Estate’s Act In cases where the estate is managed by a probate attorney, the property is usually sold through the Court Confirmation process so the sale will be supervised through the court system.

It is relatively easy to locate probate real estate. Wills in probate are public record and be located in local courthouses. Once you locate property of interest you can contact the estate executor by mail or phone. However, this is a delicate matter and contacting the executor should be conducted with the utmost respect.

When making contact with the executor express your condolences and explain you are offering a solution they may not know existed. Do not insult the executor by low-balling the price. Instead, make a fair offer for the property and be prepared to expedite the transaction if they agree to your offer.If the executor is interested in selling their probate real estate, ask them what they feel would be a fair price for the property. Oftentimes, beneficiaries will be delighted to accept an offer of 20- to 30-percent under market value, so let them tell you the amount they feel is fair before making an offer.

Investing in probate real estate can be a profitable venture. However, it is wise to fully understand the process involved. If you are interested in buying or selling probate real estate, seek out probate specialists or private real estate investors who can walk you through the process.