The COVID-19 pandemic is still causing problems all over the world and people are looking into estate planning to secure their assets in case of their untimely death. However, over 68% of the people in the United States still don’t have a will or any kind of estate planning.
While that can create problems for the surviving spouse and other heirs, it can also be an opportunity for real estate investors looking to buy cheap properties and make quick money.
What Is Probate Property?
Any asset that is left by a deceased person has to pass through the probate court and is known as probate property. This includes assets that are either distributed by a will or left behind by a person without a will. The sale of probate property usually occurs when the heirs don’t want the property, or the money is needed to pay off debts.
What You Need To Know Before Buying Probate Real Estate
Investing in property under probate is a great way for real estate buyers to get their hands on a bargain. However, you need to do your due diligence if you wish to avoid nasty surprises during the process.
Here are a few important things to keep in mind to help you decide whether you should purchase probate real estate:
- Probate properties are typically sold “as is” and often require extensive repairs. However, you should not expect to get a lower price due to existing problems or expect the owners to make any improvements or repairs.
- There are often special disclosure documents that govern probate sales which you need to read to understand the full terms of the sale before you make an offer.
- Probate sales don’t have any contingencies which means the seller is not required to wait for you to find funding such as loans to make the payment. So, make sure you already have the financing sorted or have advance approval from your lender.
- Probate sales that require court confirmation closely regulate the amount of your offer, the timing, and the form which you will use to make your deposit so make sure you are fully prepared by hiring an expert probate realtor.
Professional Probate Real Estate Services In Los Angeles
Get expert assistance from an experienced probate realtor when buying or selling private property in Los Angeles. As a reliable and professional probate real estate agent, John Matukas can help guide you through the process of buying and selling probate properties.