One of the questions that we often get from our customers is “what is a probate sale?” A probate sale is when a property is sold after somebody, the owner of that property, passes away and there’s no other owner in title.
Sometimes, depending on who the heirs are or if there are many heirs, the court will require the property to be sold in order to divvy up the ownership or the money to the different heirs of the property. That’s called a probate sale.
Sometimes, the heirs are very motivated to get their money and move on with their lives and these properties can be sold quickly and at a really good price. Other times, they’re not that motivated and it takes a long time to sell.
So, just because it’s a probate sale does not mean that it’s a great deal. But, sometimes they are great deals.
Time Will Tell
The one issue that I would bring up with probate sales is that a probate sale can take as much as 90 days to get through the probate process. Then, you’re going to have, of course, the regular marketing and sales time period, which might be up to another 60 to 90 days.
It could be as much as 180 days from the time that the person passes and they assign the property to a probate attorney.
Hopefully, that helps and gives you some insight into what a probate sale is.
If you have any questions related to a probate sale or for any other real estate related needs you may have, we would love to hear from you. Reach out to our experts today using the form below!