Probate sale process for buyers
What is a Probate Sale
A probate sale happens when someone passes away without a will, and the court steps in to manage the sale of their home. These properties are usually sold as-is and often below market value, making them a great option for buyers and investors. The process takes a bit longer due to court approval, but probate can be avoided if the home is placed in a living trust ahead of time.
Is a Probate Sale Right for Me?
Buying a probate home can be a great deal, but it’s not for everyone. You’ll typically need a 10% down payment (earnest money deposit) up front and you could lose it if you can’t close within 30 days. Since probate sales differ from traditional real estate transactions, they can be complex. There’s a court-approved bidding process, and rules vary by case. Working with an experienced probate real estate agent or probate attorney is key to navigating it smoothly and making a smart investment.
Where to Find Probate Properties
To find probate properties, start by checking your local Probate Court records, browsing local newspapers, and attending home auctions. However, the most effective way is to work with a knowledgeable real estate agent who specializes in probate sales. They have access to professional networks and listings, making it easier to discover the best probate homes before they hit the market.
Advantages & Disadvantages
Advantages - Less competition and often an investment opportunities as condition may not be updated
Disadvantages - lengthy process, sold as-is, no contingencies, extra legal fees and other expenses can apply
