Buying your next dream house through the probate process can save you a lot of time and money. Buying probate property can be a snap when you go through a good probate real estate broker, you know what you want in a home, and you know how much you’re willing to pay to get what you want without breaking the bank.
1. Remember You’re Buying as Is
The first thing you should assess when looking at a probate property is how much money it’s going to take to get it into a livable condition. Everything that you’re looking at is being sold as is. This can net you some major savings, but it also means that you’re going to have to foot the bill for any repair costs. If you’re not the do-it-yourself type, you should price the cost of having professionals come in and subtract that money from the amount you’re willing to pay for a house with those problems.
2. Get a Probate Real Estate Agent on Your Side
You’re going to get much better results if you price probate real estate through an agent. They know the ins and outs of probate sales perfectly, and they can help you find what you want. Plus, you don’t have to worry about going through the complex probate process alone. Having a good agent on your side will let you see more properties and completing the buying process quickly and easily.
3. Get Your Finances Together Before You Shop
Before you go looking at probate houses you should find out what your limit is and secure the funds that you need. It can be tricky to get a loan without a property, but you’re going to be better off if you find a way. That way you can not only speed the sale through the probate process, you can be ready in the event that overbidding becomes an issue.
4. Be Ready to Take a Day off Work
Overbidding is when there’s a public auction at the courthouse for the property. It’s usually an attempt to get more money than was offered formally on the property. You’re going to have to turn up in person to make your bids, so be sure that you can get the day off work. You should have enough notice in advance to request it. How long auctions are can vary wildly, so try to clear your entire day if you can.
5. Have a Hard Limit for Overbidding
You don’t want to get so caught up in an auction that you pay too much. Probate houses are a great way to save money. There are always going to be more probate properties coming through the probate process, fresh and ready to sell. Decide before you go to the auction how much you’re going to pay and what price you’re going to be willing to walk away from.