Probate sale process for buyers
What is a probate sale
When the property owner passes and dies intestate/without specifying who should inherit the property after their death, the property is turned over to the courts. Probate can be avoided through a trust.
Is a probate sale right for me?
10% down payment (earnest money deposit) which can be lost if one can not perform within 30 days.
Probate sale can be complicated since they differ from traditional sale, so it pays to enlist an experienced probate attorney or real estate agent to guide you as there is a formula in the bidding process.
Where to Find Probate Properties
To find Probate properties, you can usually find them by contacting your local Probate Court, look in your local Newspapers and local Home Auctions. But the best way to find a probate property is my contacting your local real estate agents where they can use their professional network to find suitable probate properties.
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
