You saw a home in Norfolk you absolutely fell in love with. It had everything you wanted and is close to the schools you adore. The only catch is that it is in probate. Apparently, the person who lived there before passed away and didn’t leave the home to anyone in a will, so now it is property of the state.
The price is right and you think you’re ready to buy, but it almost seems too good to be true, and that’s because it very well may be.
Prepare Yourself for Problems Down the Road
Buying a probate home means you are taking a chance on the condition of the home and your finances, and here’s why:
- You may lose money. Those interested in homes in probate must typically have them inspected before they make offers. This means that if the inspector finds major problems with the property and you are no longer interested, you’ll lose the money you paid for the inspection. Additionally, you may also lose the home to another bidder in probate court, and you won’t get the inspection money back.
- The previous owner probably didn’t take care of the home. The person who lived there before you may have been elderly or sick, which means the home maintenance probably wasn’t taken care of. As a result, the home may need a lot of expensive renovations.
- The prior owner can’t disclose problems. In a typical home purchase, the person who lived there before you would tell you about any problems with the home. Because the person is now deceased, however, he is unable to, so you may not find out about issues with the home until you move in.
Tavss Fletcher Wants to Help
The legal team of Tavss Fletcher is experienced in real estate matters and wants to help you resolve yours. Contact us today to speak with an attorney about your situation and find out what we may be able to do.