Probate is the court process used following the passing of an individual to manage the decedent’s estate. Real estate must be sold as part of a estate or probate situation. You can buy real estate in probate either through an auction or a direct sale. Although there are differences between the 2 processes for purchasing probate real estate, lots of the same requirements exist, whichever process you use.
Attend the real estate auction scheduled by the executor or administrator of property. Bid on the property. Should you make the highest bid, you obligate yourself to buy the real estate. Supply the lawyer, executor or administrator to the estate with a certified check to pay for the price you bid on the real estate. Typically, the check represents proceeds from a loan already approved by a lender. Instead of a certified check, you must provide evidence of preapproval for a loan which covers the cost you bid on the real estate.
Make a direct offer on the real estate into the lawyer, executor or administrator of property. If the estate’s representative accepts your offer, she will present the deal to the probate court.
Obtain an order from the probate court approving the sale, if you have bought the property by auction or direct sale arrangement. The lawyer, executor or administrator of this estate is responsible for getting this order approving the sale from the court. You cannot finalize the deal .