When someone passes away in California, they will typically leave behind their home to another person. But that doesn’t always happen. If someone who died leaves behind a home without any heirs to claim it, a local probate court is in charge of selling it. Here’s a closer look at the pros and cons of buying a home from a probate sale.
Advantages of buying a home through a probate sale
One of the biggest advantages of buying a home in probate is that you’re likely to save money. That’s because probate sales are often more complicated than typical home sales.
Another benefit of buying a home through a probate sale is potentially having access to a wide range of properties. These are homes that might not be available through traditional avenues.
Disadvantages of buying through probate
Purchasing a property through a probate sale does have its disadvantages. For one, there are many rules buyers must follow. This can make things complicated for inexperienced buyers. Plus, not following the probate court’s rules can mean potentially forfeiting your down payment. If this happens, you could be out a lot of money.
Another major risk of buying homes through probate sales is not knowing the condition of a property. Since the owner is no longer living, you could take on many risks with these kinds of properties. The last thing you want to do is buy or invest in a property that has a lot of hidden problems associated with it.
In conclusion, there are risks and advantages of buying homes through probate sales. If you can find the right properties, it’s possible to get great deals.