If you're thinking about buying a property through a probate trust sale, there are several things you need to be aware of. A probate trust sale doesn't work exactly the same as other real estate transactions, so you need to know what to expect to make sure you're getting a good value.

Know How Probate Law Works in Your Area

A probate sale has different legal processes depending on where you live. It could also depend on the exact wording of the trust involved.

In some places, the sale has to be approved by a judge. The idea is to stop someone involved in handling the estate from finding a way to sell to a friend or family member at a low price. If you're offering a fair price, the judge will usually approve your sale, but the approval will make the sale take longer. In other places, the executor or trustee can finalize any sales without needing to go to a judge.

Probate Sales Aren't Cheap

You may have seen probate sales for furniture and other personal property where everything is sold at what's usually a very low price. Probate real estate sales don't work the same way.

Real estate is in much higher demand than someone's used personal belongings. Real estate sold in probate usually goes for full market value. If the house wasn't in good repair or has other issues, you might be able to get a discount for that. However, this would be no different than if you were buying any other house in a normal sale.

Private Sales Usually Don't Happen

Normally, if you know someone is about to sell their house, you can make them an offer, and they might sell it to you without listing it on the market. This doesn't usually happen in probate sales, even if you offer a good price. The reason is that the executor needs to legally sell the property at market value, and listing the property determines its market value.

You Have to Take the Property As-Is

Probate sales are almost always as-is. This means that you have to take the property in its current condition. The executor may not know about problems with the house, so they can't tell you it's in good condition. The estate would also usually rather just sell the house instead of spending more time and money fixing it up to maybe get a higher price later.

To get help with a probate trust sale, contact a local company, like Maher Probate Realty.

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