Traditional Home Sales compared to Probate Sales


We here at DMV Probate are the experts when it comes to probate sales. When you are looking for a property to buy in probate we can guide you to find the best deal. This week's blog will compare traditional home sales vs probate home sales.

Traditional homes sales involve the buyer, seller, loan officer, and real estate agent. It is pretty much a simple process. First you find an agent, get pre approved for a loan, and start to look for a house. The process after that is putting an offer on a home, getting approved and closing on the house. It is a straightforward process that sometimes is not simple. However probate sales are a little different. Here are the differences.

The agreement for the sale is not a residential sales agreement, it is a probate purchase agreement. Make sure you contact an expert that can explain the difference.

For traditional sale you need 3 percent down for a sale compared to 10 percent down on a probate sale. This is a hefty amount to put down for the property.

Probate is as is sale, there is no termite,retrofit, home warranty, and no loan contingency. This is much more of a risk that you will not walk away if the property has problems that you did not expect.

Court confirmation is subject to overbidding. This is another risk that you need to have a professional guide you through the process.

Probate sales vary from sale to sale, The court decides the terms of the sale. It is not a one size fits all process. You need to understand what is the process for each sale before choosing to purchase the property.

Probates are usually fixer uppers. You are not going to have a property that is ready to move in. You have to understand it will need a lot of work before moving in.

Probate sales prefer cash offers. So you need cash at hand to purchase the property.

You can lose the deposit if you do not get approved for the loan. This is a big risk, so make sure you hire the professionals here at DMV Probate group. DMV probate serves the District of Columbia, Maryland, and Virginia area. We are experts in probate matters. Contact us today.

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