Sunday, August 14, 2011

A property listing disclosure says probate, what is a probate sale like?

"Purchasing a house for sale under probate begins much like any other purchase. A buyer has their agent place an offer on the home. The first person to put in an offer on the home and have that offer accepted becomes the "original offeror." After this offer has been accepted, the probate attorney for the estate will petition the probate court for a confirmation hearing, to confirm the sale of the property.* The hearing date is generally set for 30-45 days from the date of petition. However, occasionally longer time will be granted for contingencies (loans, inspections, appraisals) to be removed, but the contingencies are not guaranteed. It's also important to note that the attorney will not petition the courts until all contingencies have been removed."

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