WHAT IS A PROBATE SALE?
A home is sold in probate court when someone dies intestate or without bequeathing their property. When that happens, the state takes over and administers the property’s sale. The court wants to be certain the property is marketed and sold at the best possible price.
THINGS YOU NEED TO KNOW WHEN BUYING PROBATE REAL ESTATE
- Probate properties are sold “as is” so don’t expect the owner to make repairs or improvements — or to lower the price because of existing problems.
- Read the disclosures! There are special disclosure documents governing probate sales, so be sure you understand the terms before you make an offer.
- Typically, there are no contingencies on probate sales. In other words, the seller does not have to wait for you to find a loan or to sell your existing home. Get advance approval from your lender.
- Work with a probate expert. When you are selecting a real estate agent to assist you with your purchase, ask for details of their recent probate experience in your marketplace. While any agent can represent you, only a probate expert can assure that your transaction is managed correctly so you get the property and the terms you want.
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