You may be on the lookout for a new home to call your own. Perhaps this will the first home that you will own and you are keen to get yourself on the property ladder.
Then again, you may already own a family home but have the desire to change location or move to a bigger (or smaller) premise to suit your needs.
Of course, there are many reasons why you may be on the hunt for a new home, however, there is likely one main priority on your mind; what is the best way to make a great investment?
The role of probate realtors can actually give us some insight into an option for house purchasing which is very well worth considering. So what is the purpose of probate realtors in the world of real estate?
Let’s tale a quick look at this niche.
What Is A Probate Sale?
Despite the fact that we are all being constantly encouraged to make sure we have a legal will in place, there still seem to be many people who fail to make the necessary arrangements.
In short, this means that if the person dies the house has to be sold to liquidate the asset and then split it between the family members concerned.
More than likely you are already starting to understand what this is all adding up to. Indeed, probate realtors deal in properties that can sell for an exceptionally low price.
In fact, often the probate sale prices can be lower than the market value, making them very attractive to house hunters.
Are There Any Downsides To Probate Sales?
It’s true that everything so far looks very rosy in the garden, unfortunately there is a downside to the process.
Since court supervision is involved in the process, including approving the house sale and overseeing the process, the property sale can be rather lengthy and at times complicated.
In addition, probate sales tend to be sold as seen which can be off-putting for some home buyers.
A Quick Overview Of The Process Of Probate Sales
If a potential buyer decides to make an offer they must supply a deposit equal to 10% of the property value. A down payment is also required, although these two sums can often be incorporated into one figure.
An offer being accepted is not the end of the process, next the court will get involved.
The court will be asked to approve the sale of the property, a procedure which is not always quick. In fact, you may need to allow up to 45 days for your date to attend court to receive the approval.
Unfortunately, we haven’t told you everything yet. While you await your date for approval the property will remain listed, allowing other potential buyers to attend court with you and attempt to outbid you.
It’s clear then that the world of probate sales is indeed a challenging one. The task of probate realtors involves a complex knowledge of the field, as well as a keen interest in this niche of real estate.
While probate sales are not for everyone, they certainly offer the potential to bag yourself a property bargain. If you think that a probate sale may be the next step for you on the property ladder, why not contact probate realtors in your area and find out what is on offer.