A probate sale is what happens when a homeowner dies without having a will and leaving the house to an heir. As a result an estate attorney is selling the house to get the money to distribute to the family members. Often, time is a factor in these types of sales and buyers can purchase the house for much less than market value.
The attorney will hire e real estate professional to market the home and it is normally sold as is. For this reason, it is wise for a buyer to insist on a home inspection to know exactly what they are purchasing. If items are found to need repair, the estate owners are not likely to make repairs but it is a good bargaining tool for you to get the price lowered to account for the cost of the needed repairs.
If you are satisfied with the inspection and decide to make an offer, you will need to accompany the offer with a deposit totaling 10% of the offer. The deposit can later be folded into the down payment if your offer is accepted. After the attorney accepts the offer, he or she must then petition the court for approval of the sale. During the 30-60 days or longer that it takes to get court approval, other offers can be made on the house and you could find yourself in a bidding war with another party. Buying a probate sale home can offer a good deal but it can also be very stressful and uncertain.
If you are considering a probate sale purchase in Arizona, it is a good idea to hire professionals to assist you in the process. The seller’s agent and attorney are only working for the sellers and are not obligated to assist you during the process. Phoenix Home Buyer Group can assist you in preparing an offer and submitting it to the seller’s agent as well as helping you to find other options in case the sale does not go in your favor. It is also important to remember that your 10% deposit will remain with the seller until the process with the court is completed. If you are considering another home as well as a probate sale home, that could tie up your funds for well over 30 days.
Buying a home in probate sale can be as time consuming and stressful as purchasing a bank owned or foreclosed home. Consider the time table that you might be facing as well as the uncertainty of other bids coming in. If you are not comfortable waiting or increasing your offer, then this might not be the best way for you to purchase a home. Buying your home should be an exciting and happy event and this process is not for everyone. So do your research, get advice from a real estate professional and make a well informed choice about purchasing your next home in Arizona.