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Buying a House in Probate As a Real Estate Investor in Las Vegas

Buying a House in Probate As a Real Estate Investor in Las Vegas
Jun 02, 2021

You want to sell the inherited home through probate court, but are afraid to deal with it and have no idea how to do it? Selling real estate through probate is much different from the ordinary realty sale and requires true expertise. Where to find reliable certified probate real estate specialists who will help you through the probate process and ensure that your home is sold in probate at the best price? Is it possible to increase your income by buying a probate property in Las Vegas? Keep reading and you’ll find out how it all works.

What are probate properties?

Probate court deals with a decedent’s home. If there’s a will left by a decedent, the person named in it can sell the property if he/she wants to. In case the deceased left no will, the probate court appoints the administrator who will be responsible for selling the decedent’s home. Properties that must be sold through probate court are probate properties.

Typically, sellers are willing to sell the inherited home asap. In most cases they just don’t need it or don’t want to pay the mortgage or conduct some repairs.

Nevertheless, real estate buyers and investors might benefit from buying a property through probate.

Reasons to Buy a Home Through Probate in Las Vegas

The main advantage of buying a property through probate is that it is sold at a price below market value. So, if you’re on a tight budget and looking for a new home for your family, this might be a nice option. Buying a probate home is especially advantageous if the home itself is in a good condition and doesn’t need any repairs.

However, homes in probate are sold “as is” and sellers are not required to make any improvements before the sale. This is not as bad as it may sound, though. Buying a probate property “as is” can be a great benefit for real estate investors who use the “house flips” investment strategy. The point is that the buyer adds value to the home by minor repairs or even full-scale renovation to make it look more aesthetically appealing. Thus, the renovated property can be resold at a much higher price.

So, by buying a home through probate you can obtain an investment property that will bring you a high profit.

Probate Real Estate Sale Process

The procedure of selling real estate through probate differs from selling a house under ordinary circumstances and so may raise many questions. It’s important that you have a clear picture of the whole process, so you know what to do when it comes to probate real estate sales. It is crucial to understand how probate works and what you can expect from selling or buying property through probate.

In Nevada the probate real estate sales proceeds as follows:

  1. Appointment of the Executor or Administrator

    Probate court appoints the Executor or Administrator who will have to control the selling process.  

  2. Finding and hiring a real estate agent

    To help with probate real estate sales from A to Z you’ll need to hire a reliable real estate agent. Keep in mind that not all of them specialize in probate properties. Selling real estate through probate requires specific knowledge, so be sure to find the right real estate agent with relevant experience.

  3. Property Appraisal

    The real estate company you’re working with will determine the correct value of the inherited home and then you’ll price your property.

  4. Putting the property for sale

    Your real estate agent will put the probate property for sale using MLS to find potential buyers as quickly as possible.

  5. Receiving offers

    After the property is marketed, buyers will make offers and you will decide if you want to accept or reject them.

  6. Approval of the offer

    Once you’ve received the offers that are totally suitable for you, you accept them.

  7. Petitioning the probate court

    In case there are more than one offers, the seller petitions the court to receive the permit to sell the home.

  8. Obtaining confirmation by the probate court

    The buyers, whose offers were selected and accepted, gather at the probate court hearing for bidding and offer higher prices until one of them is confirmed by the judge.

  9. Making the deposit

    The confirmed buyer should make a deposit on the property.

  10. Signing the contract

    Now’s it’s time for signing the contract between two parties – the executor and the buyer.

  11. Home inspections

    Only then home inspections can be conducted and the buyer will find out whether the home has any issues or not and their extent.

  12. Closing the sale

    Finally, after the contract is signed, you may close the sale. Now your home is sold in probate.

Dealing with probate court and documentation may be a tough challenge. You need the right guidance to help you through the probate process. You’ll feel much more confident with a qualified real estate representative who will tell you how to address the matter.

Probate real estate sales should not be undertaken by a real estate agent who does not have experience working with probate properties. Finding the right professionals can be quite difficult knowing that many real estate agents are not certified probate real estate specialists. Any mistakes in the probate process can cause a financial loss to all the people involved. 

To avoid such mistakes and be sure that everything goes the way it should, contact Titon Realty. We’ll discuss your specific case and help you sell the probate home at the best possible price based on the current market.  

Need to sell your home through probate court?
Titon Realty will assist you: 702-751-7555.

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