Are you thinking about buying a real estate property from a probate sale? This type of sale is different from the usual type that is conducted by a private seller. If you live in the state of Maryland, there are a few crucial details to consider.
What are the basics of a probate sale?
A probate sale will be held after a person dies without a will. If this is the case, their estate will be judged intestate. At this point, it will enter a process known as probate. The court may then move to sell off any real estate properties that were owned by the deceased person, selling assets at the maximum possible price.
How does a probate sale take place?
You should be aware that there are a great many differences between a probate sale and a conventional real estate property sale. For one, a probate sale is controlled by the court. All of the proceeds go to the estate. The sale will be made with an eye toward getting the best price to raise the value of the estate.
Once a price has been set by the court, the process of a home sale can begin. Once you see the property listed for sale, you can make an offer. The bid you put in must be made in tandem with a 10% down payment. This will usually be accepted in the form of a cashier’s check.
The representative of the estate will review your bid and submit it to the probate court for approval. The court will then schedule a confirmation hearing. If your bid is accepted, the sale will be considered final.