Whether the younger generation likes it or not the Boomers will continue to posses the most amount of wealth. But there’s really no reason for the younger generation to get disappointed because eventually the Boomers will pass their assets onto the younger generation. This is exactly where the probate real estate market comes into the picture. The probate with real estate florida market has been around for years but it still remains quite untapped. The market its own share of pros and cons and in this piece we will have a look at them.
So what exactly is the probate real estate market?
Probate is actually a legal process whether the assets of a deceased person are either sold or get distributed by an executor. It is the duty of the executor to ensure that the last will and testament is valid and then it is his duty to list all the property, debts and other details of the people who will receive all the assets once the legal process is done and dusted.
Obviously for the paucity of space the summary of the probate real estate market has been kept to a minimum. Probate processes are actually known to include varying degrees of time as well as asset evaluation. Further given the legal nature of probates with real estate florida, the attorneys will have to make frequent appearances in court and they must also file paperwork in a timely manner. Thus, there are some pros and cons to the entire probate process and in this piece we will have a look at some of the most important and definitive pros and cons of the probate with real estate florida market.
- One of the main pros of the probates real estate market is that the sellers in this market are very highly motivated to sell their properties because of various reasons. The reasons can be anything from the home being old and in need of repairs to a mortgage on the home to most importantly, no inclination to further take care of the home in question.
- Most probate sellers who have ‘inherited’ the property actually desire cash a lot more than they property that has been passed down to them. Thus, the probate sellers are a lot more likely to sell their properties at very low prices so that they can have access to quick cash and relive themselves of all the responsibilities related to owning and maintaining homes and properties that they really don’t want. This is actually one of the main reasons why most people enter the probate with real estate florida market because their ability to spot such highly-motivated sellers can prove to be very beneficial for them and they can get valuable properties at throwaway prices.
- The probates with real estate florida market is expected to continue to grow very well into the future as Boomers will continue to transfer their assets to their ‘heirs’ in all the time to come or at least for the next two decades for sure, at the very minimum.
- One of the main cons of the probates with real estate florida market is that marketing to all the executors and administrators in the probate market is a very specialized process and hence people who are new to this market often end up struggling with the complexity of the different processes. Things get all the more complex and difficult when the agents in question begin reaching out to all the parties that are in grievance.
- There are a multitude of processes involved in the entire probate thing and this can prove to be very confusing for newcomers as it can prove to be difficult to navigate through the different steps like offer, acceptance, inspection, escrow and eventually closing the sale.
- Although it is very true that finding probates real estate properties has actually gotten very easy because of the multitudes of resources available online but to find the best properties, all interested parties will still need to do lots of research and this can prove too taxing for some people.
The Bottom Line
There you have it, those were the different pros and cons related to the probates market. If you intend to enter the market as potential investors, then you should have a look at all the pros and cons before making an informed decision for yourself.