If you are an active real estate flipper, investor, buyer or broker, the chances are that you have encountered a trust or probate sale in Houston. And for good reason – properties or land sold by an estate in trust or probate can be drool-worthy deals because they are often priced lower than other real estates. As you might expect, however, estate sales in Houston usually are more complex, take longer, and come with more risks than a typical real estate transaction.
Why buy probate property in Houston, Texas?
Again, estate sales in Houston can be a fabulous investment. The paramount reason to buy probate in Houston Texas is that these can be great deals because the estate is often broke and has no choice but to sell. Nonetheless, they are not ALWAYS great deals. It all boils down to how much the estate wants to spend both in time and money to set the property sale-ready.
That being said, the best time to get a slice of this lucrative niche of real estate, is now! The good thing is that the laws governing estate sales in Houston are easier to navigate if the deceased drew up a will. In the unfortunate case where there’s no will, Harris county probate court will have a say in determining the heirs and the executor of the sale.
That is why it’s crucial that you understand the rules of engagement as well as have a top-notch probate real estate agent by your side. Which begs the question: what are the things you need to put into consideration when buying property in probate or trust?
That being said, the best time to get a slice of this lucrative niche of real estate, is now! The good thing is that the laws governing estate sales in Houston are easier to navigate if the deceased drew up a will. In the unfortunate case where there’s no will, Harris county probate court will have a say in determining the heirs and the executor of the sale.
That is why it’s crucial that you understand the rules of engagement as well as have a top-notch probate real estate agent by your side. Which begs the question: what are the things you need to put into consideration when buying property in probate or trust?
5 top things you need to know before you buy probate in houston, texas
#1. The Real Estate in Probate Is Often Sold “As Is”
Whether the probate property is in an impeccable state or a fixer upper, don’t expect the realtor or executor to reduce the price or make any repairs. Plus, there is no requirement for the executor to sign a seller's disclosure in Texas.
#2. Read the Disclosures before Making an Offer
When it comes to delicate real estate transactions like probate sales, it’s a no-brainer to go through the terms and conditions of the estate sale before making a bid. Ask your probate real agent to solicit and avail to you the disclosure documents governing the sale.
#3. Be Ready for Fort Bend Probate Court
In case the decedent didn’t create a will, estate sales in Houston are subject to court’s confirmation. If so, you have to know the amount to offer, the timing, and the forms required to submit the deposit as stipulated by Harris county probate court. Better yet, have a probate-savvy realtor do all the heavy lifting for you.
#4. Probate or Trust Sales Doesn’t Come With Contingencies
Simply put, the probate realtor or executor in charge of the sale doesn’t have to wait for you to find financing. Sell your current home or seek a mortgage well ahead of making an offer.
#5. It Pays to Choose a Good Probate Real Estate Agent
If you’re looking for a hassle-free way to buy probate in Houston Texas, you need a Certified Probate Real Estate Specialist with a wealth of experience in probate sales on your side. Avoid fly-by-nights who’ll make the whole process a nightmare for you. The best way to land an excellent probate realtor is to ask for referrals, certifications (read: CPRES), and past projects.
Whether the probate property is in an impeccable state or a fixer upper, don’t expect the realtor or executor to reduce the price or make any repairs. Plus, there is no requirement for the executor to sign a seller's disclosure in Texas.
#2. Read the Disclosures before Making an Offer
When it comes to delicate real estate transactions like probate sales, it’s a no-brainer to go through the terms and conditions of the estate sale before making a bid. Ask your probate real agent to solicit and avail to you the disclosure documents governing the sale.
#3. Be Ready for Fort Bend Probate Court
In case the decedent didn’t create a will, estate sales in Houston are subject to court’s confirmation. If so, you have to know the amount to offer, the timing, and the forms required to submit the deposit as stipulated by Harris county probate court. Better yet, have a probate-savvy realtor do all the heavy lifting for you.
#4. Probate or Trust Sales Doesn’t Come With Contingencies
Simply put, the probate realtor or executor in charge of the sale doesn’t have to wait for you to find financing. Sell your current home or seek a mortgage well ahead of making an offer.
#5. It Pays to Choose a Good Probate Real Estate Agent
If you’re looking for a hassle-free way to buy probate in Houston Texas, you need a Certified Probate Real Estate Specialist with a wealth of experience in probate sales on your side. Avoid fly-by-nights who’ll make the whole process a nightmare for you. The best way to land an excellent probate realtor is to ask for referrals, certifications (read: CPRES), and past projects.
important steps in buying estate sales in houston
Important Steps in Buying Estate Sales in Houston
Unlike in states like California where the courts play a role in almost every step in the process of probate sale, in Texas, the probate laws are a little lax and less complicated. Once the Executor or Personal Representative receives the "Letters of Testamentary", they are able to sell the property freely, of course, with the best interests of the estate in mind.
Making an Offer on Probate Property Where There’s a Will
If the decedent made out a will, it becomes the legal document by which the wishes of the decedent are carried out. The Executor has power of sale during the selling process granted through the Letters of Testamentary. The executor of the estate can choose a good real estate broker to list, market, and close the sale. That is where you swoop in and make an attractive offer. And the process is much akin to a normal real estate sale.
Where There’s No Will
If a person passes intestate, there is certainly more Harris County probate court supervision in the selling process. In such an unwelcome case, the court may require that an appraisal of the property be ordered to determine the list price that the court will approve during a sale. Once the right list price has been determined, you can now make your offer. Ensure your probate real estate agent knows the ins and outs of the sale so you can have an upper hand.
Closing the Deal
For the latter case, you only have to be a little patient with the probate purchase. Once Fort Bend court approves you as the buyer, and in accord with the terms of sale, you’ll have to sign a contract confirming the sale.
Congratulations, you’ve made the purchase!
But let’s be honest; from initial search and making an offer to overbidding and closing the deal, the whole process of buying a probate property can be quite daunting, if not overwhelming.
Why go through all the hassle by yourself when a probate real estate agent can help you breeze through? Need more information about the Texas Probate Process, order our FREE REPORT: SECRETS TO SELLING MY PROBATE HOME FAST FOR TOP DOLLAR.
Unlike in states like California where the courts play a role in almost every step in the process of probate sale, in Texas, the probate laws are a little lax and less complicated. Once the Executor or Personal Representative receives the "Letters of Testamentary", they are able to sell the property freely, of course, with the best interests of the estate in mind.
Making an Offer on Probate Property Where There’s a Will
If the decedent made out a will, it becomes the legal document by which the wishes of the decedent are carried out. The Executor has power of sale during the selling process granted through the Letters of Testamentary. The executor of the estate can choose a good real estate broker to list, market, and close the sale. That is where you swoop in and make an attractive offer. And the process is much akin to a normal real estate sale.
Where There’s No Will
If a person passes intestate, there is certainly more Harris County probate court supervision in the selling process. In such an unwelcome case, the court may require that an appraisal of the property be ordered to determine the list price that the court will approve during a sale. Once the right list price has been determined, you can now make your offer. Ensure your probate real estate agent knows the ins and outs of the sale so you can have an upper hand.
Closing the Deal
For the latter case, you only have to be a little patient with the probate purchase. Once Fort Bend court approves you as the buyer, and in accord with the terms of sale, you’ll have to sign a contract confirming the sale.
Congratulations, you’ve made the purchase!
But let’s be honest; from initial search and making an offer to overbidding and closing the deal, the whole process of buying a probate property can be quite daunting, if not overwhelming.
Why go through all the hassle by yourself when a probate real estate agent can help you breeze through? Need more information about the Texas Probate Process, order our FREE REPORT: SECRETS TO SELLING MY PROBATE HOME FAST FOR TOP DOLLAR.
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