Can I buy a house going through probate?

Buying a probate property Purchasing a property under probate can be a great way for buyers to get their hands on a bargain, but you do need to do your due diligence to avoid any nasty surprises further down the line. Whether you are buying or selling probate property, your choice of estate agent matters, too.

Is the purchase of a house a probate property?

The house we were buying was a probate property, so we expected a little hold-up. We were prepared to wait but didn’t expect the process to be nearly as long and stressful as it was.

How long does it take to sell probate property?

If the executor is selling the property to satisfy creditors, you must send an offer to the executor. The property may or may not be listed for sale with a real estate agent. In many states, the court must approve the purchase offer, which can take several weeks.

Can a real estate agent sell a probate property?

Probate property sales may be marketed like any other home sales, which means that local real estate agents may have probate listings. The executor of the estate (the person in charge of disbursing a person’s goods after they die), will hire a real estate agency to handle the marketing and sale of the property.

Do you have to pay at auction for probate property?

Depending on the jurisdiction, you must submit a bid or appear at the auction. If you win, you are usually required to pay in cash or check. If the executor is selling the property to satisfy creditors, you must send an offer to the executor. The property may or may not be listed for sale with a real estate agent.

How does buying a house in probate work?

The process might require a specialized real estate agent. The IRS won’t allow the home to be sold until it’s established that the estate owes no estate taxes. The major advantage of buying a home in probate is that they typically sell for less than other homes in the area.

How much does an estate have to be in probate?

The estate has a value of more than $700,000, but the only probate asset is the car—and its value qualifies it for the small estate procedure in almost every state.

If the executor is selling the property to satisfy creditors, you must send an offer to the executor. The property may or may not be listed for sale with a real estate agent. In many states, the court must approve the purchase offer, which can take several weeks.

How is a property marketed in a probate sale?

In a probate sale, the property is marketed just like any other property. The probate attorney or the estate representative will hire a local real estate agent, sign a listing agreement, and show the property, just as they would a traditional listing.