Specialist · Indianapolis, IN · Member since 2018 · 28 posts · 0 votes
How long or how soon am i able to put house under contract if it hasn’t been through probate? if it HAS been through probate , then the process should be just as simple if it were a regular HOME OWNER ??
@Carlos Pena If the home has net been probated yet, you don't know who the eventual owner would be. That's the purpose of probate.
You could put it under contract pending the court issuing the license to sell, but you would be guessing at the outcome of probate.
If you guessed right and put it under contract with the right person, you might beat the crowd of investors and Realtors who market to probates. If you guess wrong, you will have a contract with someone who doesn't own it.
If you go that route, be sure that your contract has language to protect you and that deposits are held in an escrow account. You should use a real estate attorney for this.
How long or how soon am i able to put house under contract if it hasn’t been through probate? if it HAS been through probate , then the process should be just as simple if it were a regular HOME OWNER ??
If it is through probate, there is a new homeowner. Probate doesn't make any difference at that point. Just treat it as any other property, with "perhaps" a motivated seller.
However, if it is IN probate, you have to wait until the judge signs the paperwork, 3 months? 12 months? 5 years? It all depends...
There is a bit more to it, but that is the general idea.
@Mike M.
I was meaning the house hasn’t been through probate yet. And basically i must wait for judge to sign before anyone can sign a purchase agreement contract??
@Carlos Pena If the home has net been probated yet, you don't know who the eventual owner would be. That's the purpose of probate.
You could put it under contract pending the court issuing the license to sell, but you would be guessing at the outcome of probate.
If you guessed right and put it under contract with the right person, you might beat the crowd of investors and Realtors who market to probates. If you guess wrong, you will have a contract with someone who doesn't own it.
If you go that route, be sure that your contract has language to protect you and that deposits are held in an escrow account. You should use a real estate attorney for this.