The occurrence of probate sale happens when a person dies without a will or intestate, and their real estate is sold off by the administration via probate court. A real estate buyer must often come across the term called ‘probate sale’. Properties sold in the probate court may turn out to be good deals as the pricing levels are generally low, which means that they are often priced lower than other homes.
Even though a probate sale may benefit in prices, it can safely be said to be a risky business which consumes a lot of time, sufficiently. Therefore, the result of this turns out to be buyers keeping probate sale at bay for short sales along with the discouragement of their respective real estate agents.
Why Probate Sale?
Property is sold in probate court when somebody dies intestate, as mentioned above. When such a case happens, the state takes over and administers the sale of that particular property. The court aims at making the best price available for the property. Generally, probate sale’s laws vary from state to state. The process of marketing is the same as in other agreements, which is done via agents. The benefits of a probate sale are many, some of them being~
- Large Inventory: while there may be approximately 13000 to 14000 monthly estate properties, there are 6 million properties in probate. There is a variety one can choose from, from condominiums to motels to commercial real estate opportunities.
- Motivated sellers: The sellers in the probate market are motivated enough which drive them to make quick sales. Sellers who do not rely on probate real estate agents to sell their properties are likely to be vulnerable when trying to reach the buyers’ market.
- Favorable pricing levels: The pricing levels in a probate sale are generally low when compared. This makes it much more of a preferred option to choose.
- Easy to acquire: The probate lead is easy to acquire. Probate leads can be readily and easily acquired online.
- Another benefit of a probate sale is for those people who want the distribution of their property to be public knowledge. Wills are public records, so when they are carried out after a person’s death, the information becomes public as well.
- Probate in YOUR state: Some states such as Florida have special processes related to probate to handle small estates. It is entirely possible that these processes are cheaper, faster and more effective.
However, just as with any idea or legal decision, what makes sense to one person may seem to be absolute rubbish to others. Similarly, while some people may find benefits in their court through probate, they would opt for it.
Meanwhile, others would avoid it-either based on their own decisions or being driven by their agents’ decisions or suggestions. Even though probate can eat up most of the time and a lot of money, it has all the qualities to be entitled advantageous/fruitful at the same time.