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It is not uncommon for a homeowner to die in debt under their name. You must appoint an executor to properly administer the estate if you have a will.\u00a0<\/b><\/p>
These obligations may include distributing assets to beneficiaries, paying creditors, or selling the deceased’s home in the case of a probate real estate sale. In the absence of a will, the court will usually decide the sale itself or appoint a manager to decide the sale.\u00a0<\/b><\/p>
However, a real estate agent could be part of this transaction to show your property and coordinate sales.<\/b><\/p>
Since the probate property is usually sold “as is”. This means that buyers may not be able to negotiate the price of the property if any repairs are required before the purchase.\u00a0<\/b><\/p>
This type of “take or leave” approach is not suitable for all buyers, but the advantage of buying such real estate is that you are more likely to achieve a sales price below market value.\u00a0<\/b><\/p>
Remember that making an offer is often the first of many steps in a real estate probate purchase.\u00a0<\/b>If the house is being sold by an administrator, the court may approve your offer before proceeding with the sale process.<\/b><\/p>
In a probate real estate sale, the buyers may require to come up with additional cash upfront.\u00a0<\/b>According to the NAR, apart from your down payment, you may need at least a 10% additional upfront payment ready to go.\u00a0<\/b><\/p>
However, that extra money can be added to your down payment at closing. Circumstances may be different when the property is sold by the court instead of an executor of a will.\u00a0<\/b><\/p>
In this case, it could be set up as an auction where the highest bidder must pay in cash or check upfront.<\/b><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t