| When a homeowner dies without a will or final | | | | preparation to complete long-winded legal |
| instructions on how to divide their estate, the | | | | documents. |
| home goes into a legal process called probate. | | | | - Unknown costly repairs needed: With some |
| Their estate is divided according to state laws | | | | probate sales, you will most likely be required to |
| administered by the local courts. Sometimes the | | | | buy the property as-is so whatever is wrong with |
| estate will be sold by a person called the | | | | the home before you buy is now your problem. |
| executor, administrator or personal representative | | | | Obviously, this presents an exceptional level of |
| who is responsible for selling the home privately | | | | risk which is not present in a normal purchase |
| without the aid or intervention of the courts. | | | | transaction with a non-probate home. |
| There are many real estate investors who | | | | Even with the risks involved with buying a |
| specialize in probate properties because of the | | | | probate house the opportunity for finding a good |
| potential to purchase a property at a great value. | | | | deal and a home you will love may be worth the |
| However for a first-time homebuyer the process | | | | risks. The ideal situation is to find the executor or |
| can be riddled with potential landmines such as: | | | | administrator of the estate and work directly with |
| - Lengthy legal procedures and costs: The probate | | | | that person through your real estate agent. If you |
| process is long and cumbersome for anyone | | | | know in advance you may be considering |
| without a law degree to navigate. It will require | | | | purchasing a probate, then you will definitely want |
| several trips to the courthouse to bid on the | | | | an experienced real estate agent to guide you |
| property and many hours of research and | | | | through the process. |