It seems that prices hit all-time highs every few months (except for a minor dip). You can find a decently priced home outside Boston, but you may have to fight through traffic. You can find numerous Boston high rise condos for sale throughout downtown Boston, though they may cost more. Prices are rising throughout Boston — you just need to look to find the perfect home.
The inexorable rise in prices probably leaves you thinking that you will never be able to afford your own home. However, there are numerous legal avenues you can utilize to acquire a home (albeit maybe not your dream home but it’s a start). Probate sales may not give you exactly what you want, but it provides you with a start in Boston, one home can beget another, and before you know it, you are settling down in the perfect Boston condo, in the perfect location.
WHAT IS A PROBATE SALE?
A probate sale is put on by the probate court. When a person passes away without a will, their estate is distributed via intestate rights. Intestacy refers to the legal process by which probate court reviews the deceased person’s assets and heirs to determine how much each heir receives from the estate, the debts to be settled, and what to do with the remainder of the estate (if any).
A probate sale occurs when the court puts the property up for sale in the market. The court, like in any other sale, will try to fetch the best price for the property (but that does not always occur, similar to the result found in foreclosure sales).
HOW DOES THE PROBATE PROCESS WORK?
First, the court appoints an administrator or executor (two words that mean the same thing). If the court is unable to find someone who is willing to serve, the court will solicit volunteers from the family. The administrator is tasked with selling the property.
Second, the administrator needs to appraise the property to estimate its fair market value. The administrator must sell the property for at least 90 percent of the appraised value. The buyer is required to put down at least 10 percent of the value as a deposit. The seller is permitted to accept or reject the offer (and down-payment).
Finally, once the seller accepts an offer, it must be confirmed by the court. If the court rejects the offer, then the sale does not proceed (additionally, the buyer cannot seek damages against the seller because a contract is not established until the court confirms the sale). The court, once it confirms the sale, will set the final date for the sale to take place.
WHAT TO KNOW ABOUT BUYING OR SELLING PROBATE PROPERTY
Probate sales are advantageous to both sellers and buyers because it provides an open forum to acquire property. If you have the cash and are willing to move quickly, you can buy a home in a fraction of the time as you would close on a house in the private sector.
Sellers are protected by the process because the court will not accept low bids. Moreover, if the property is popular, the bidding process can result in substantially increased sales prices.
Probate is an advantageous process for both sellers and buyers. However, it is also a complicated process.
If you are trying to sell a property through probate, you may want to contact an experienced real estate agent for assistance. The basic rules may sound simple however it is must more difficult to enforce. You must collect the deposit, warn the buyer that the sale isn’t final, and advertise the sale. If you are looking to buy or sell a home, Steele San Diego Homes can help you