Is a Home in Probate Right for You?

You’ve been searching for a new home for what seems likes ages. Your real estate agent has taken you all over Norfolk, and you’ve toured homes in Estabrook, Larrymore Lawns, Northside, and other areas in town. Just when you thought all hope was lost, you found exactly what you were looking for on Bell St. in Brandon Place.

You like the home and the size of the bedrooms as well as the amount of land that comes with it. The only snag about the deal, however, is that your agent told you the home is in probate.

The Pros and Cons of Probate

You had never heard of a home in probate, but you learned it’s when a person dies and doesn’t leave the home to anyone in a will. As a result, the state takes ownership and attempts to sell the property quickly. Although buying a home in probate may sound ideal, it could be too good to be true.

  • Pro: The home is priced to sell. Looking to score a home for less than you would otherwise? Purchasing a house at a reduced rate is common in probate homes.
  • Con: Time delays. Buying a home in probate typically takes longer than purchasing one that is not. This is because the court has to approve the application, and you’ll have to go to court in order to buy the home.
  • Pro: You can make money from this investment. Those who purchase homes, renovate them, and sell them again stand to make high profits from homes in probate because the purchase price is typically much lower than the house is worth.
  • Con: Other expenses add up. Although the selling price may be low, the other expenses you’ll have to pay for can get quite costly. For instance, potential buyers are typically required to put down money when making offers and may not get the money back if the deal doesn’t go through. Additionally, fees relating to attorneys, executors, filing, and appraisals can have you paying lots out of pocket.

We Can Help

The attorneys of Tavss Fletcher have experience dealing with homes in probate. Contact us today to learn more about the process and find out how we can help you.

 

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