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Updated about 3 years ago,

User Stats

15
Posts
7
Votes
Robert Ortiz
Pro Member
  • New to Real Estate
  • San Jose, Ca
7
Votes |
15
Posts

Probate purchase process - Bay Area

Robert Ortiz
Pro Member
  • New to Real Estate
  • San Jose, Ca
Posted

Hello everyone, 

I came across a property that's a probate sell but I'm not too familiar with the process or the associated costs and I was wondering if I can get some insight on this type of purchase to see if this is something I want to look into. My main concern is the additional costs I will incur from the this type of purchase. Do the fees come from an attorney I may need to hire to help with the process or fees I will just need to pay fees to some institution? 

What I do know: 

  • - Personal Representative (PR) should have full authority to sell the property; this gives them the right to sell the property instead of going through the court.
  • - If there are no heirs, others who are interested, or litigations, I don't have to provide a Notice of Proposed Action and I can move on. 
  • - Even if my offer is accepted, there will be other bidders that I should be aware of.
  • - A 10% downpayment is required when providing an offer. Is there anything I can do to protect this deposit?

Thank you all for your insight! 

    • Robert Ortiz