Sometimes, there are situations when someone sadly dies without leaving behind a will. In such cases, the property they owned becomes a part of the estate and has to go through a process known as Probate. Once this probate process is completed, the property becomes ready for sale on the market. You should note here that Probate Property List for Sale isn’t always on the open market. Rather there are local estate agents and online companies that efficiently handle probate properties and make them ready for sale.
What is actually a Probate Property?
The legal term for the process that is undergone by any deceased person’s estate is known as Probate. This process becomes more specific if there is no will left that contains valuable information as to what to do with the person’s estate. You should also take note here that when legal representatives talk about probate property, they refer to the entire estate of the deceased person and not just the mortar and bricks that might have been owned by the deceased.
When it comes to selling a property mentioned in the Probate Property List, a Grant of Probate needs to be held by those handling the deceased estate, be it the executor of the will or the widow/widower. It is this Grant of Probate that gives them the authority to sell the property. Having said that, if the deceased’s partner or spouse inherits the property, they are entitled to sell the property even before they receive a Grant of Probate.
Things to be considered while purchasing a Probate Property
When you select a probate property from the available Probate Property List for sale, you get the opportunity of snapping up a bargain. Chances are there that you might spot issues with the house further down the line. Always remember that it is a property of a deceased person who was probably elderly and therefore there are chances that the property might not have been well maintained and also does not flaunt modern kitchens, bathrooms, or decors.
You also would not get much information about the property from the executors as they may not have many details about the property, particularly when the executors are the lawyers handling the estate. They may also find it difficult to put their hands on some documentation, such as the title deeds. Therefore, as you all can well understand, purchasing a probate property from the Probate Property List entails more research than that required for a non-probate property.
We highly recommend you for performing a full building survey before you opt for purchasing Probate Properties for Sale mentioned in the Probate Property List as that would help in highlighting any issues with the property. You might also want to invest in other areas evaluated by qualified tradespeople, like the central heating system or the electrical wiring. As a buyer, it is your responsibility to go into the purchase with your eyes wide open, and exactly know the things involved with purchasing probate properties for sale.
Is Flipping Houses in California worth it?
What discourages flippers from investing in California is the high cost of living and elevated real estate prices. But, if you are a flipper who is on the lookout for a bargain, then don’t let this put you off. Here we have mentioned some of the reasons why Flipping Houses in California is still worth your while.
(1) Bigger Loan Prospects: Owing to the high prices of living in California, the price of the median houses is more than double the national average. The private lenders are generally willing to adjust the loan limits accordingly. What’s more? A high loan amount means higher profit for the flippers.
(2) A large pipeline of foreclosure properties coming to the market: The foreclosure moratorium has just been lifted in California. As an outcome of it, a large number of foreclosure properties are set to be available throughout the Golden State.
(3) Strong Buyer Market: In spite of the house prices being quite high in California, buyers still keep flocking to California because of how great it is to live there. Also, it will be not wrong to say that most of the house-hunters in California have a bigger budget to make room for all of the added extras that come with living in this blissful State. With 800 miles of Coastline, 28 national parks to choose from, and diverse multiculturalism, is there anyone who would not cherish staying in California?
If you have made up your mind about Flipping Houses in California, all you need to do is to get in touch with industry-leading private lenders and receive the funds in about 3-7 days.