Investors in New Jersey and throughout the country may be able to find good deals on homes that are involved in probate proceedings. After a home has been transferred to a beneficiary, that person may want to sell the property. It isn’t uncommon to purchase a probate property for less than it is worth because the owner is trying to liquidate a loved one’s assets as quickly as possible. Therefore, that person may be willing to take any reasonable offer that comes his or her way.
It is also possible that the probate court has ordered that a home be sold. In such a scenario, the court might be more interested in selling the property as quickly as possible as opposed to getting top dollar for it. Investors can find available properties for sale by perusing public records or by purchasing leads.
The process of buying a probate home depends on who is selling it. If a beneficiary is selling it, the process is similar to buying any other property that is available on the open market. However, if a person wants to buy a home from the court, it may be necessary to make a deposit and wait for any potential heirs to object to the sale. If no one objects to the sale, a hearing will be held to determine if the transaction should be completed.
Those who are interested in purchasing real estate at a discount may want to look out for homes being sold on behalf of a deceased person’s estate. An attorney may be able to further explain the process of buying a home that is currently involved in a probate proceeding. An attorney may also help a person submit an offer or take other steps required by a probate court.
