Sanborn team
5 Things You Need to Know When Buying Probate Real Estate
Learn more about how to buy probate real estate or how to avoid overpaying in court. If you have questions about buying real property through probate, contact us at [email protected] or 310-777-2858.
Sold “As-Is”
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.
Disclosures
Read the disclosures! There are special disclosure documents governing probate sales, so be sure you understand the terms before you make an offer.
Preparation
Be prepared in court. If a probate sale requires court confirmation, the timing and amount of your offer and the form in which you make your deposit are closely regulated.
Contingencies
There are usually 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.
