Quick Links to Probate Real Estate Listings in LA County
Probate Real Estate in LA County
If you’re an active real estate investor or buyer, you’ve probably encountered short sale and foreclosure properties. As you likely know, the process to purchase one of these properties can be quite tedious if you don’t have a general understanding of the process or an experienced real estate professional by your side.
Similarly, the process to purchase probate real estate in LA County is also different from purchasing a traditional home; however, it can be a lot easier than buying a short sale or foreclosure if you have a general knowledge how probate properties work.
What is a probate sale?
A probate sale occurs when a homeowner dies intestate —meaning they didn’t have a will, or the property is handed down to their heir(s). In cases where the deceased didn’t have a will, the state gets involved and administers the property’s sale by ensuring the property is marketed and sold at the best price.
For properties left to heirs, in many instances, the heirs already have their own home and may not be able to handle the additional expense of a home such as, taxes, insurance, maintenance, etc. In these cases, heirs may decide to sell the home quickly to avoid these additional expenses, and market the property in a more attractive price range.
In either situation, the general process of probate is similar even though probate laws in each state may vary. Here are some common stipulations to note when purchasing probate properties:
- Probate property is listed just like any other house by a local real estate agent who advises on the price.
- The property is usually sold “as-is”.
- There are usually no contingencies in the contract or any requests for repairs.
- The seller generally pays for any escrow fees, outstanding taxes, or liens against the property at closing.
- The court must ultimately approve any offers accepted, and a 10% deposit is usually also required from the purchaser.
- Once the court accepts an offer, a date is set for closing. (Usually a minimum of 30-45 days)
Probate property can be very rewarding, especially if you’re an investor, and it’s a great opportunity to purchase properties under market value.
How to Find Probate Property
Unfortunately, there’s no magic place to find probate properties, without a little extra work. You can start by searching the obituary section of your local newspaper, and search for additional information about the property at your local courthouse where the property is located. Alternatively, if you have the extra money to spend, many private companies will do the work for you and provide a list of available properties for a fee.
Here at The Sanborn Team, we have available probate listings via our search tool and would be happy to help you find the perfect one that fits your needs. Additionally, our team has both the knowledge and experience with probate properties to ensure the entire process runs as smoothly as possible. We invite you to review our tips for buyers and contact us if you would like a referral to a qualified buyer’s agent from our extensive professional network.
Should you have additional questions about probate properties, or have a general real estate question, please do not hesitate to contact us. We look forward to working with you in the near future!