The House of Your Dreams Is In Probate
You finally found the house of your dreams, and you find out that it's technically available, but it's in probate. Should you give up or try to buy your house? There are actually some good reasons you might even prefer to buy a house that is in probate.
The main reason is price -- because the house isn't being sold by a traditional homeowner, you may be able to get the property at a significantly reduced price. Whether you want the house for yourself or as an investment property, you are able to get a much better deal on a house that is still in probate. The seller is more likely to be willing to settle for a lower price in order to settle the estate and move on.
What Is the Down Side to Buying a House In Probate?
A house ends up in probate because the owner died without a will. The person in charge of settling the estate will need to pay off creditors by using the assets from the estate, including any property owned by the decedent. The process usually takes longer than a traditional sale and you might be competing with other buyers who want to take advantage of a great deal. There might also be issues with deferred maintenance.
Dealing with Deferred Maintenance Issues
What is deferred maintenance? Sometimes when a house is going through probate, the person responsible for the property may only be making minimal efforts to take care of the property. Issues that don't seem like emergencies don't get dealt with right away, That means that there may be some issues that you will have to deal with if you buy the house that are caused by the caretaker's neglect.