Buyer Beware: What You Need to Know About Homes in Probate

Because of your growing family and the need for more space, you’ve decided to move out of your apartment and purchase a home. You’ve looked at many different houses in the Norfolk area, including those in communities like Foxhall, Glenrock, and Greenwood. Your favorite so far as been a four bedroom, three bath colonial that has everything you’ve been looking for. The only problem, however, is that the home is in probate.

Probate Precautions

You’re not sure what probate is, and if buying a house in such a state is advantageous or even possible. Here, we look at the ins and outs of probate, and what it means for you as the buyer:

  • Probate specifics. A home goes into probate when the previous owner dies intestate, meaning the home wasn’t left to anyone in a will. When this type of situation occurs, the state takes over ownership and attempts to sell it to the right buyer.
  • Probate homes are often affordable. The state and the bank don’t want to hold onto this property because they want money for it. Accordingly, the house is priced to sell so that it moves quickly. Often the house is sold for much cheaper than other houses in the neighborhood, which can bring down the value of homes nearby.
  • Probate homes can have problems. Often, probate homes were previously cared for by those who are elderly or sick. As a result, they often don’t receive the maintenance they require. This means the buyer typically has to put in a good amount of money in order to get the house in a suitable condition.

Tavss Fletcher Can Help

Purchasing a home is already stressful, especially when you’re interested in property that is in probate. The legal team of Tavss Fletcher may be able to help you in this process. Contact us today to learn how.