How to buy legacy properties, real estate
Part 1 of 3: Finding Legacy Property
Contact your local real estate agents. Inheritance property sales can be sold like any other home sale,
which means that local real estate agents can have inheritance lists.
The executor of the inheritance (the person in charge of paying the goods of a person after he dies) will hire a real estate agency that will deal with the marketing and sale of property.
Call local real estate agents and explain that you are interested in buying a legacy.
Ask them if they deal with inheritance properties.
A good real estate agent will know when the inheritance is available and will be able to guide you through the probate process.
Be very clear with your agent about how much you are willing to spend and about the type of property you want to buy.
Contact your local probate court. A more immediate way to identify probate properties is to go directly to the probate court and talk to a court clerk.
If there is no designated clerk for the probate court, ask to speak with the staff handling the probate cases.
You should request a list of individual inheritance cases filed in the previous six months.
Once you get the list, you can identify any cases that remain open by checking the court’s online records or asking staff.
Staff can also provide you with information on how to electronically verify a document.
After identifying the open properties, request a list for each.
When the inheritance passes through the probate estate, the executor is obliged to make a complete inventory of the testator’s property and submit that inventory to the court.
If you find a property with property in the area you want, contact a property lawyer or bailiff.
Their contact information should be on the attached list of cases kept by the court.
You should contact each representative directly and ask for information about the status of the property,
how they are conducting the sale and whether the asking price has been determined.
If the executor is very motivated to sell, he can negotiate directly with you if the court has already approved the requested price
Buy property at a public auction. Certain properties are usually sold at auction, such as farms. Public auctions are advertised and a number of buyers may appear to bid for one or more properties.
- If you are interested in legacy property because it can sometimes be purchased at a lower price, be careful when buying at auction. Real estate sold at auction is generally sold at or above fair value.
Browse the local newspaper.
Local newspapers provide a variety of information that can be used to locate estate.
- When reviewing local newspapers, look for the following:
- Obituary notices;
- Notices to creditors published; i
- Notices of application for inheritance management.
- All of these documents point you to a legacy of current properties that may include real estate.
- As mentioned above, you can follow any notices in the local newspaper in the probate court and request an inventory of the property.
Part 2 of 3: Purchase of estate
Prepare for a lengthy sales process.
Once you have identified the estate you are interested in, you should be prepared for a potentially lengthy process.
Generally, the purchase of inherited property takes at least six months and can take much longer.
If you have a solid time frame for moving into the property,
it may be better not to buy legacy property.
You can make an offer for probate property at any time.
However, you should be aware that there are special requirements for probate property that are not usually required for regular real estate.
- When you make an offer, you must also make a deposit of 10% of the offer price.
- A representative of the estate may accept or give a consideration.
- Even if your offer is accepted, it is only a temporary acceptance until the probate court confirms the offer.
- Too many expenses or the court does not confirm you as a buyer, you should be able to get a 10% deposit refund. If you decide not to go ahead with your purchase, you will lose a 10% deposit. If you are approved as a buyer, your deposit will go for the purchase of the property.
Request an inspection. If your offer is accepted, you should request a home inspection. Family members who sell property usually do not know all the problems with the property.
By inspecting the house, you get a better understanding of the potential problems with the home and whether the value of the house is less than you originally expected.
- It is important to note that some sellers may refuse the inspection and that the probate sale of the property is “as is”. This means that you are buying the house in its current condition without any guarantees from the seller.
- If the inspection finds that the home is completely neglected and that it needs a significant investment in order for the home to be able to live, you will have to decide what is in your best interest.
- Remember, if you withdraw your offer, you will lose the deposit.
Part 3 of 3: Completion of the purchase of probate property in court
Move forward after accepting the offer.
Once the seller accepts your offer, the property attorney requests a court date so that the sale can be confirmed.
- The court date is usually between 30 and 45 days from the date of the date request.
- The court requires the property to advertise the property at the new accepted price. Some states,
such as California, require that the new legacy price be placed on the market
as 5% higher than the bid plus $ 500.
- Even after a court has been appointed, real estate agents can continue to show the property in the hope that they will get a bigger offer for it.
Attend the court hearing.
In order for the sale to be confirmed, you must attend a court hearing, along with other buyers interested in the property.
The court will identify the property for which you have made a bid and then conduct an auction-style bidding process. If there are no other bidders, the court will most likely confirm your bid.
Outperform other customers.
If there are other interested parties, the court will begin to gradually raise
the price of the property until the final bidder remains.
This process is called an excessive ban.
If another buyer outperforms your initial bid, you have the right to continue bidding on the property until the final bidder remains outperforming everyone else.
- The court may decide to raise the price of the house by more than $ 5,000 or adopt a more complex formula.
For example, some courts may set the minimum subscription as “accepted bid plus 10% of the first $ 10,000 plus 5% of the remaining amount.
- In order for the excessive price to be successful, the excessive bidder must present to the court a cashier’s check paid on the property in the amount of at least 10% of the overpaid price.
- Therefore, those who intend to prohibit excessively must set the highest amount they are willing to pay and hand him a cashier’s check before attending the court hearing.
- If you have made an initial bid on the property and want to be sure that you will not be reimbursed, you should take a cashier’s check with you to the court hearing so that you can participate in the bidding process if necessary.
- If the subscriber does not receive the correct payment, either in the form or amount, or if the payment was made by the wrong party, the court will not confirm their purchase of the property.
Finish your purchase. Once the bidder is confirmed as the buyer, they must show that
they have the financing to move forward with the purchase of the property
Then the buyer would sign a contract with the property court.
- The buyer and the property would be concluded on the real estate transaction, all funds would be transferred to the property, and the buyer would become the new owner of the property.
- This procedure can take about 30-45 days from the court hearing