Jun
28
A property listing disclosure says probate, what is a probate sale like?
By
I saw a property listing with “probate” listed in the disclosures. I would guess it means the owner died, and its sold by the estate but can you tell me more?
What is a probate sale like? is there anything I should know? do they go smoothly? Or is it something to be wary of (like a short sale)
Good links would be great too, I tried searching but brought up a lot of get “rich quick: scam type sites.
Thanks
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2 Comments
July 1st, 2010 at 11:46 am
“Purchasing a house for sale under probate begins much like any other purchase. A buyer has their agent place an offer on the home. The first person to put in an offer on the home and have that offer accepted becomes the “original offeror.” After this offer has been accepted, the probate attorney for the estate will petition the probate court for a confirmation hearing, to confirm the sale of the property.* The hearing date is generally set for 30-45 days from the date of petition. However, occasionally longer time will be granted for contingencies (loans, inspections, appraisals) to be removed, but the contingencies are not guaranteed. It’s also important to note that the attorney will not petition the courts until all contingencies have been removed.”
July 2nd, 2010 at 4:25 pm
yes the owner died and the estate must be probated to sell it. Now these sales can take some time to close as there must be a Medicare waiver in file at probate and if there are many many creditors who are owed money from the estate they must agree to take less than full $ owed if the HOME is worth less than what the dead person has. Say the home is valued at $100,000 and the dead owes $200,000 in all then every creditor would get less the50 cents on the dollar as the realtors would still get theirs as well as deed and tax stamps transfers