5 Facts When Buying Probate
- 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.
- 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.
- 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.