For the real estate investor that has called all the newspaper ads and is aggressively looking for more new leads. These are two methods that work well, but require more energy. Taking real estate investing to the next level.
The two areas are probate and bankruptcy. You have heard of bankruptcy, but many as they have heard of probate are not really sure what it is?
Probate is the process of liquidating property after the property seller has died. Generally all probates are done with attorneys simply because they tend to know how to handle, although, an attorney license is not required.
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Bankruptcy is when a person after realizing that they owe much more than they have and cannot payoff in any reasonable fashion. Some have large judgments that cannot be paid off. Generally, most are choking in credit card debt.
The main two types are chapter 13, whereby the debtor makes a deal with all the creditors to take less under an agreed upon plan and settle over a five year plan.
Chapter 7 is when the debt is more than the debtor can and or wants to handle and just decides to vacate it all and start all over.
Many of these bankruptcy properties involve properties in foreclosure. Many people in bankruptcy never complete and get dismissed easily meaning that they are no longer protected and still have to deal with their debt.
To find these bankruptcies, one can either contact the bankruptcy attorneys and or lookup on the public bankruptcy site.
To locate the probates, one can either contact probate attorneys, visit the courthouse to retrieve information and or subscribe to a local reporting service.
To gain more creative real estate information and or a greater understanding, please contact me and or visit my web site. Thank you
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