Estate Sales : The Best Way To Find Properties on a Budget
RYAN G. WRIGHT:A really inexpensive way to find properties on a budget… the BEST way… I guess I shouldn’t say best because there are so many BEST ways… is… estate sales.
So here’s what happens… Grandma passes away… Grandpas living in the house and the house is going into disrepair. Grandpa can’t see and he’s trying to fix the furnace with bailing wire and duct tape and the house is in disrepair. One of the reasons is all his kids live all over the country… one lives in Washington, Wyoming and wherever. They’re kind of all over and there’s nobody but grandpa to take care of himself but he can’t take care of the house. He can’t get on a ladder anymore… he can’t paint and the house is going to pot. Then Grandpa passes away and what happens is all the kids fly out there go through the house and start to divide everything up and typically they’ll have an estate sale. So if you look in you’re local classifieds or you look online you’ll see estate sales.
So what do you do?… Saturday morning you pull up all the estate sales… you go out to the property… they are selling all the stuff… and you say “How much?” and they say “How much for what?”… and you say “How much for the house?… I’m not interested in all this stuff… I want the house” Now typically they’ll say something like “Well we haven’t decided what we’re going to do… the house is paid off”. Now the siblings are all there and more than likely (and I’ve bought several estate homes) there are going to be several siblings that want CASH. There is always going to be the siblings that want to keep the house. I mean you can understand… they have this love and affection for the house, but another one says “I just want the cash”…
Now more than likely they are going to come to grips with the fact that they’re going to sell the house and they’ll say “Well… we’ll take a look at it” so you talk to them all and make sure you get their name and phone number and find out who the executor of the estate is, the one who’s going to be signing on the dotted line. Typically they are going to get approval of the siblings but they are going to be the one signing. After this it is really a lot of follow-up. Sometimes they are prepared to make a decision right then but most of the time it is a while later and what happens is they all fly home and they’re flying back and forth and trying to do things like make sure the grass is cut.
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