Buying probate property - How to execute?

6 Replies

Hello All,

I am trying to understand more about acquiring property in probate. What are the pros and cons of going after probate listed properties? Let say a property already gone thru probate process and listed on MLS to be sold AS-IS.

Here are some questions:

1) Do I need a lawyer? Or broker should be enough?

2) What type of verifications do I need from Seller side?

3) Agent not familiar with handling probate property. Should I even proceed to acquire this property with this agent who is representing me?

4) How long typically till closing? If possible, what are the steps to close the deal?

5) Should I watch out for any unforeseeable outcome?

thank you very much!

The title company (or escrow or however settlements are handled in TX) should protect you. Their job is to make sure you get good marketable title. Make sure you get an owners title insurance policy.  Of course you contract should say you are entitled to your earnest money deposit back if the seller cannot provide good title. 

Originally posted by @Eric Thai:

Hello All,

I am trying to understand more about acquiring property in probate. What are the pros and cons of going after probate listed properties? Let say a property already gone thru probate process and listed on MLS to be sold AS-IS.

Here are some questions:

1) Do I need a lawyer? Or broker should be enough?

2) What type of verifications do I need from Seller side?

3) Agent not familiar with handling probate property. Should I even proceed to acquire this property with this agent who is representing me?

4) How long typically till closing? If possible, what are the steps to close the deal?

5) Should I watch out for any unforeseeable outcome?

thank you very much!

 If this is a listed property (as opposed to "off market") the listing agent should know enough about probate sales in your state to earn their commission. Just to be sure, use a selling broker who has documented proof of probate sale experience, to make your offer. This might be overkill, however you did ask.

Remember that you are asking specific questions on a national forum. All probate laws are state-specific. In my state, CA, there are different level of powers, best evident by examining a document alternatively called probate Letters Testamentary (if subject the decedent's will) or Letters of Administration (intestate - no will). We use the generic term "Letters" for the document we refer to in order to determine whether a court confirmed sale is required. 

Most prefer to avoid this cumbersome process as can be lengthy and expose a simple sale between parties to overbidding by 3rd parties who get wind of the court sale. 

Recognize I may very well be making much ado about nothing.  Make a deal and move on.

Listing agent and title company should be able to provide all info Required.

Another avenue is to search in public records section of county clerk website. They offer name search and document search. It's a good start but may not be enough as huge investment is associated.

Originally posted by @Rick Harmon:

Recognize I may very well be making much ado about nothing.  Make a deal and move on.

 Rick I think that applies to just about every post I make. 

Agreed, the listing agent/broker should know enough to know that the "seller" has the authorization to sell.  A small amount of research should be able to verify this.

Thanks all for great feedbacks. 

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