Seven Essential Steps To Go Through When You Purchase Probate Real Estate
There are plenty of great advantages that real estate investors can enjoy by purchasing probate properties. However, the process of buying a probate property can be slightly different from the process of buying a standard real estate property.
The following are seven steps to go through when you buy probate properties.
Find the right real estate agent
If you want to buy or invest in a probate property, it's best to work with a real estate agent who either specializes in probate real estate or has at least some past experience with probate properties. Your real estate agent will help you with a wide range of tasks including negotiating and devising a contract for your probate property purchase.
Check online for listings on probate properties
While a real estate agent can make you aware of probate properties available in your area, it's also important to conduct your own search on the Internet. You may find many probate property listings in your area through a Web search if you look around.
Look up probate auctions in your area
Probate properties are often purchased through auctions. That's why you should also look into any probate auctions that are going on in your area.
Tour properties of interest
When you find a property of interest, you should schedule a tour so that you can view it in person just like you would do if you were buying a standard real estate property.
One difference regarding property walkthroughs when it comes to probate properties is that sometimes walkthroughs aren't permitted on probate properties. In this case, you may have to judge whether you want to make an offer on the property in question based on photographs and research alone.
Go to court
Court hearings must take place to dispose of probate properties. You cannot become the legal owner of a probate property until the court hearing takes place and the judge approves the sale of the property. Be aware of the fact that you might have to vie with other prospective buyers at the probate hearing.
Make an offer and put down your deposit
You will need to make an offer on the probate property you're interested in just like you would on a standard real estate property. If your offer is accepted, you will need to make a deposit. It's important to know that you will have to put a 10 percent deposit down right away on a probate property that you are going to buy.
Close on the probate property in question
You close on a probate property much like you would close on a standard real estate property. You'll sign a closing contract and pay for the property. You will then become the legal owner of the probate property in question.
Reach out to a company that does probate real estate for more info.