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3 Cons of Buying Probate Property in CA

Have you considered buying a probate property in CA? Probate properties might seem like a lucrative investment, however, there are some cons of buying probate property you need to be aware of before you make your purchase.  

This blog will tell you what you need to be aware of when investing in a CA probate property.

It’s Not Going To Be Quick

The process of a home being sold through a probate court can take months, even years. Typically, there are many parties involved in the sale which inevitably leads to complications and delays.

You will be dealing with lots of red-tape from the probate courts and attorneys. In addition, you might be waiting on heirs who may not agree about what to do with the property, what to sell it for, etc.

Disagreements may arise, slowing down the process while the courts attempt to figure everything out. If the deceased party had financial debts and obligations, those must be settled as well, adding more time to the lengthy process.

Be Prepared to Make a 10% (Sometimes Non-Refundable) Downpayment

Every probate case is unique. However quite often you will be asked to make a 10% downpayment on the home along with your offer. If you are unable to secure financing for the balance or are unable to close on the deal for other reasons, you may lose your deposit.

Also, even if you are the first in line, the real estate agency or executor of the estate may accept counter bids, which you will have to match in order to secure your purchase. Offers are not always challenged, but it is something you should be aware of.

Upgrade & Repair Costs Can Eat Up Your Profits

Cons of Buying Probate Property - Repair CostsAlways, always, always make sure you have a thorough inspection done on the property before you make your purchase. Oftentimes, homes that are in probate may not be in the best shape. Home improvements may have been neglected as the years went by, leading to issues with the home that can prove to be expensive and profit draining.

Make sure the structure of the home is sound and plumbing and electrical systems have been maintained. If there are many fixes and upgrades for you to contend with, you might want to rethink what you want to offer for the property.

In Conclusion…

Investing in a probate property can be a great investment as long as you know what to watch out for. As with any type of real estate investment, there are definite perks, however, make sure you are aware of the cons of buying probate property in CA before you make your investment.

Do you want to learn more about the pros and cons of buying property in CA? We can help you navigate the world of probate investing. Click here to fill out the form, or call our office now at 949-625-4533.

Whether you are looking to buy or sell a probate property in Orange County, 92692, 92653, 92688, 92675, 92677, 92630, H&M Realty Group is here to guide you through the process! Give our office a call today!

Joe

Broker/Realtor/Investor/Mentor (41 years experience) Specialties: Buyer's Agent, Listing Agent, Foreclosure, Short-Sale, Property Management, Landlord I'm a Full Time Real Estate Professional, house flipper and mentor to many of my clients. I am here to help you get top dollar for your home or get you the best price for a home that you are going to live in. I have over 40 years of real estate experience for you to draw on and actively list and sell over 20 homes a year. I have sold over 600+ homes in the last ten years alone. I am a very skillful negotiator and will work diligently to help you realize the best possible price when buying or selling your home. With my Exclusive Home Acquisition & Sales System, I can find the Right Home for You! I have access to homes no other Realtor will show you. I can show you how to save an average of $10,000.00 on the purchase price. We will find a home that fits your needs, in a neighborhood that suits your style. If you are selling your home then I can bring all the professionals to you. I always include professional photos in ALL my listings. I have contractors standing by to assist with those upgrades if needed. I can also quickly get you ALL CASH offers for your home if you desire. My marketing surpasses all other agents. It begins with extensive internet advertising to hundreds of websites throughout the world. I do direct mail marketing for you home and also knock on doors in your neighborhood when I am holding an open house. I hold you home open to expose it to as many buyers as possible. My Exclusive program is designed to sell your home for Top Dollar in Any market. I am an experienced flipper here in Orange County and therefore can offer you my over 40 years of real estate experience. The information is available to you at no charge! If you like what you see, please call me and setup Your Free Consultation.

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