Understanding Probate Sales and Off-Market Deals

It is no secret that buying and selling property is a headache. More often than not, it’s a challenge and, for many people, a process that is too hard to understand.

Well, what if I were to tell you that in no time at all, you can feel more clued up on all house moving logistics, such as probate sales and off-market deals? I promise, they’re not as confusing as you may think.

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What are Probate Sales?

Probate sales are any property sale that occurs due to the legal procedure of probate. Something is in probate if it belongs to a now-deceased individual. This can be housing, which we’re talking about, but it can also take the form of cars, clothes, jewellery or anything the law deems valuable enough. Probate looks different for every case.

Most of the time, probate occurs if the deceased individual didn’t leave a will, there’s a question over their finances or if there are internal familial disputes over the property. Before it can be sold, it must go through a legal procedure to ensure everything is in order and handled correctly.

Key Things to Consider With a Probate Sale

When getting involved in a probate sale there are a few things to consider. It is important to weigh up all factors to know whether it’s the right sale for you.

The legal side: As already touched upon, probate is a legal procedure. Therefore, all sales involve court supervision and can take a long time to pass. Sometimes, courts even require further confirmation before accepting a sale. If you find yourself in a probate sale, just be aware that it can be time-consuming and sometimes can fall through at the last hurdle. This doesn’t mean it’s impossible; view it as an extra step in the housing process.
‘As-Is sales’: An ‘as-is sale’ is one where the property is sold strictly in the condition it was left. This means the seller is not responsible for renovating or repairing. If you are buying a probate property, you should be aware that it may require some extra work once it is yours. On the brighter side, this may mean it is sold to you slightly cheaper.
There may be a bidding process: Due to complications with ownership in probate sales, sometimes properties are marketed through auction. This isn’t always the case, and it is worth checking the exact rules for your sale before you start getting involved.
Try to get an estate agent who understands probate: Understanding the probate process can be difficult, so finding someone with experience in probate property sales can help. They can offer you their expertise and advice and see you through the whole process to make sure it goes smoothly from start to finish.

What are Off-Market Deals?

Now you are clued up on probate, it’s time to move to off-market deals. An off-market deal refers to real estate purchases made outside of traditional listing processes off the market!

These properties are usually not listed publicly, meaning you often must dig to find them. But, if you are willing to do the work, you can find some real gems. Off-market deals can include probate sales, properties not yet listed or those being sold privately.

There is typically less competition for an off-market deal purely because it is harder to find. Equally, if you’re into bargaining, an off-market deal can allow you to negotiate with the seller more than going through the typical procedures. Buyers interested in a property are often encouraged to form connections with the estate agents or sellers to get the best outcome.

Many people in the business believe that off-market deals are the best way to find diverse and more interesting properties, such as those with unique architecture or unusual amenities.

Advice for Navigating Probate Sales and Off-Market Deals

Use Experts. This may seem obvious, but make the most of all the experts. They do this daily and can help you get precisely what you want.
Network, Network, Network. Unusual advice for property buying, I know. However, you’d be surprised how many properties are sold entirely based on who you know. Establish connections within the property world, and who knows what it might lead to.
Know What You Want. Like anything, it is important to go into the process knowing exactly what you are looking for. Set a clear budget, property type and location and try your best to stick to these boundaries as you go through the process.

In Conclusion

Hopefully, probate sales and off-market deals don’t seem scary anymore! Don’t get me wrong, the process can still be stressful and overwhelming, but with a clear head, some expert advice and knowing what you want, you should be able to secure your dream property in no time.