Why auction is the right place to buy or sell a probate property
Probate properties –homes that have been put up for sale after the owners have died –often offer a fantastic opportunity for potential purchasers. In many cases (but not all) the now deceased owners had lived there for many years and any potential purchaser is likely to see a mixture of great original features combined with some VERY out-dated décor!
If that is the case in the probate property you are viewing then the potential to renovate is huge and there could be money to be made. There are a few important things to bear in mind however, if you want to make it work for you as a buyer.
First of all you need to be certain that probate has at least been applied for so the property can legally be sold by the executors of the will in the not too distant future. If a probate property is for sale at auction then chances are this has all been readied and the property will be available for an exchange of contracts as soon as is required by the auction house.
Remember that if a probate property is marketed before the probate legalities have been made ready, an offer can be made no contracts can be exchanged.
Aside from the potential for renovation and realising a good profit on a probate property from a buyer’s perspective, the sellers of a probate property could also do worse than sell at auction. Why? Well, if they’ve had a lengthy wait for the probate to be signed off, for whatever reason, then they are sure to want to limit the ongoing maintenance costs of still owning or being responsible for the property in question.
As we’ve stated many times before, an auction sale offers certainty as contracts are exchanged on the sale day at the agreed price with a 10% deposit taken there and then. If for any reason the sale doesn’t complete, the seller keeps that deposit and can then enter it in the next sale or ask the auctioneer to contact an unsuccessful bidder to see if they’re still interested in the property
When you’re paying for a home you aren’t living in you can’t help but notice each bill – and those cost can mount up quickly over winter in a large, older house which isn’t as energy efficient as it could be!
Many auction houses have a clear protocol for dealing with probate property sales and can take much of the hard work out of all the arrangements for the sellers. This can be particularly useful if the owner was a close family member and they’re grieving while trying to sort everything out.
As you can see probate property sales at auction can work for the buyer and the seller so why not ring Surelock Network Auctions today? Let us advise and help you whether you’re a buyer or investor on looking for a project or the executor of an estate that includes a probate property.