Probate Property Deals

Discussion in 'General Property Investment Discussion' started by SteveK, Jun 14, 2018.

  1. SteveK

    SteveK New Member

    Hi,

    After having purchased a probate properties over the years (all great bargains BMV), I wondered if anyone knows of a website or service that provides a list of probate properties currently for sale?

    In case people are unfamiliar with probate property, it is simply property left in the estate of a deceased person, which often is being sold by motivated sellers i.e. the beneficiaries of the will who might be willing to accept a lower offer to sell quickly and easily.

    I am not asking for names and numbers of the family of the deceased or executors, but just the details of properties up for sale with agents/on Rightmove that are known to be probate property?

    I know you can sometimes spot a probate property advert a mile off on RightMove. The ones with the floral carpets and green bathroom suites! but this can be hit and miss not to mention time consuming.

    Thanks

    Steve K
     
  2. Longterminvestor

    Longterminvestor Active Member

  3. SteveK

    SteveK New Member

    Thanks, that looks interesting as it gives the full address. The question is though, how do you accurately match those notices to a property for sale online?

    You can't easily search by address on a property portal website only postcode so you end up with a load of results that you need to go through to spot the probate property. I guess you can go through each one and look at photos and description to find the clues but must be a better less time consuming way.
     
  4. FWL

    FWL Member

    It may sound a little cold but why dont you monitor the deceased columns in local newspaper? That should give you plenty of leads.
     
  5. SteveK

    SteveK New Member

    Yes, that information seems to be online too so I think I just need a way to identify them on Rightmove / Zoopla
     
  6. diyhelp

    diyhelp Member

    I suppose you could also contact local legal practices and try and do a deal where your property purchase services are placed in front of a deceased family when looking to liquidate estate assets asap?
     
  7. SteveK

    SteveK New Member

    I hadn't considered that route. I would prefer to stick with identifying then on the open market for now though.

    It does seem to be possible to match the Probate notices to the adverts on Rightmove with a bit of work.

    I am currently building up a list of probate properties in my area.
     
  8. MarkOBC

    MarkOBC New Member

    Hi @SteveK - I also posted a quick reply on your other thread about this. Further to that, one of the problems I found was the lag between the probate notice on the Gazette and the house coming on the market (which made matching difficult). However, because the Gazette does give an address, you can always post a note through the front door for someone to pick up. The process always feels a bit 'cold', but most of the time, someone is wanting to sell the property.
     
  9. SteveK

    SteveK New Member

  10. SteveK

    SteveK New Member

  11. FWL

    FWL Member

    Hi @SteveK

    Can we try Newcastle?
     
  12. SteveK

    SteveK New Member

    Hi FWL,

    I will run it over Newcastle for you, is there an area you are particularly interested in?
     
  13. SteveK

    SteveK New Member

  14. realdeals

    realdeals Member

    Have you bought any probate properties using this method?
     
  15. SteveK

    SteveK New Member

    I have purchased a few probate properties in the past but none recently. Not currently buying but will be soon the way the market is going.
     
  16. Longterminvestor

    Longterminvestor Active Member

    While I appreciate that trustees of an estate have an obligation to get the best price when selling assets, what kind of market discount would you expect from those after a quick sale? Perhaps they have death duties to pay, etc.
     
  17. SteveK

    SteveK New Member

    For me being able to source probate property easily is not solely about the possibility of getting a discount because of the motivation for a quick sale for example but this is obviously a good thing when it happens.

    It is more about being able to find properties that are easy to add real value to through modernisation for example, which is often the case with probate properties. This need for modernisation would be factored into the price so not so much of a discount really. However, if you are good at budgeting refurbs then this is where you'll make your profit and so the price paid would have been a discount in a way.
     
  18. SteveK

    SteveK New Member

    In terms of levels of discounts due to a quick sale or some other motivation then antidotally I have seen 10-20% compared to other comparable sold prices. I haven't got the data to back this up but might be worth looking at if anyone is interested.

    As I said above, what really appeals to me about probate properties is the refurb potential that probate properties can offer. Yes, you can find this potential elsewhere but you are more likely to find it with probates.
     
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