Probate Real Estate - Under $500K
5 Things to Look for When Shopping for a Probate Home
Shopping for a new home or investment property can be a daunting task —trying to weigh the pro’s and con’s, number of repairs or more. When it comes to buying a probate home, there are some key items to be aware of before moving forward.
#1. Mold. If there’s a mold problem in the home, it’s key to understand that this issue must be fixed immediately. Mold damages what it grows on and the longer it grows, the more damage it can cause. This includes fixing the underlying water issue as well.
#2. Foundation. If the home has foundation issues, you could be looking at repair bills in excess of thousands of dollars.
#3. Plumbing. In cases where the home may not be regularly lived-in or maintained, it’s important to ensure the home doesn’t have any broken or leaking pipes.
#4. HVAC. Have a heating and air expert inspect the HVAC unit to ensure it does not need to be replaced. If it does, be sure it’s accounted for in your budget.
#5. Roof. An unexpected roof replacement can cost thousands of dollars. Have the existing roof properly inspected.
Much like purchasing a foreclosure or REO property, the sale of a probate property is usually not contingent upon any types of repairs, which means, this burden will fall on you, as the purchaser. It’s important to know what type of project you’re getting into and that you’re able physically and financially to make any needed repairs.