I found a house on the market that was part of an estate. The deal seems too good to be true, but I did a tax property search and the owner passed away several years ago and his estate is selling the property. My general thought is that the heirs are looking to liquidate the assets and distribute the cash. The home is 3,500 sq ft with 5 bed/4bath in a neighborhood of <1000sq ft 2bed/1bath 3bed/1.5bath C class homes selling for under 100k.
How would this home be valued? The other homes in the surrounding neighborhoods with the same sq footage are approximately 100k more in value. How are estate sales normally handled?
The Estate for obvious reasons would like to get the maximum market value for the asset they're disposing of. Don't' get this confused with an estate sale at the home where all the worldly possessions of the deceased or being sold at a discount. Typically a realtor will be representing the estate so the sale will go on as usual.
The bigger question is who has been using the house all these years? Has it been rented out, family used it or abandoned. My bet is that you won't be dealing with impatient son or daughter or grandkids hoping for a quick sale to get rid of the property. If that was the case they would have sold it immediately after the previous owner died.
The Value has nothing to do with who the seller is.....look at it like any other house. If it’s really a deal, it won’t last long.
@Herndon Davis I assume the house was left abandoned because the utilities are all off. The home is being represented by a realtor.
Originally posted by Account Closed I assume the house was left abandoned because the utilities are all off. The home is being represented by a realtor.
Well that's a different story then. The children or familt were probably estranged from owner. If the property was abandoned then you most definitely have an advantage however there are other buyers thinking the same thing just like you?
So what's your game plan? If I were you I would try to find out who owns the property on paper. Just in case you get into a bidding war or dealing with a greedy realtor. The nuclear option is to cut them out the deal altogether.