Why Every Home Buyer Should Do Mold Testing Before Buying A Home
No one wants to buy a house when it has a mildew problem. Unfortunately, spores can grow in places that potential buyers cannot see such as around leaking pipes and between walls. If you are considering buying a home; learn about spore detection, request that specialized testing be done, require that the seller disclose all mildew issues, and stipulate that the problem, if any exists, be resolved before you purchase the house.
Begin The Process By Asking Your Home Inspection Professional About Possible Damage
If you have a home inspection professional inspect the premises before you buy the property, he or she may see obvious signs of water damage during their inspection of those less seen places. While it is not their job to look for spores, most home inspection professionals will mention noticeable signs of water damage and the possible presence of spores. Also, do not be afraid to ask the inspector if they saw signs of mildew or noticed potential problem areas and ask them to include their observations in their report.
Set Mold Testing As A Top Priority
For individuals who are sensitive to spores, a home inspection specialist’s observations may need to be augmented by a mold testing expert. While some species of spores are visible and will often times produce an offensive odor, others can grow in areas that are less noticeable such as in wall paneling and under ceiling tiles. Specialized testing can unearth a potential problem, pinpoint the source, and determine the severity of the situation through the use of air sampling; swab and tape lift sampling, moisture mapping, and thermal imaging.
Mold Remediation Options
If spore growth is recent and confined to a small area, the issue can be remedied by scrubbing the area with detergent followed by a solution of bleach and water and then allowed to thoroughly dry. For problems that have been allowed to exist for long periods of time, a remediation expert could be the best option. For elevated levels of mildew, a mold remediation company will eliminate spore sources, clean the air with specialized equipment, apply antimicrobial treatment to infected areas and areas that could become a possible source, and dispose of items that cannot be cleaned. After mold remediation has been completed, the company will run a clearance test to make sure the problem has been eradicated.
Addressing Remediation Before Purchasing A House
If you purchase a house and later discover it has a mildew problem, it will be too late to ask the seller to defray the costs for spore remediation and for fixing the damage. This is why it is important to have mold testing done before purchasing the property. If testing reveals mildew issues, the buyer can ask the seller to reduce their price to cover mold remediation costs or can ask the seller to remove the mildew before the contract is signed. Be alert; protect your interests from the beginning.
Five Lessons Your Dog Can Teach You About House Hunting
1. Focus Anyone who has played catch with a dog has a good example of a dog’s laser focus. In our culture of distraction focus is a rare beast. To succeed in owning the best home develop single minded focus on the project to its completion. You, your family, and your dog will benefit for decades to come.
2. Hunt a dog’s most basic interest is to hunt, not only for food but also for shelter and a mate to raise a family. This is basically what house hunters are all about. Home and family, including the family dog, are essential to human and canine happiness. While house hunting is often laborious and time consuming, enjoy the hunt as would the dog.
3. Trust Your Nose A dog’s nose is its keenest sense; he or she uses it to investigate everything. In real estate we call this due diligence, doing the math, checking out all aspects of a purchase, asking questions, studying the research. It also means sniffing out situations beyond what the numbers indicate, trusting your nose for an advantageous situation.
4. Jumping in Dogs rarely hesitate before jumping into a situation, say when the ball lands in a puddle. Competition for the best homes is often stiff. While it is often easier to walk away, faint heart never won fair home. This is not to say one should act is haste. Here dogs too are an excellent example. They sniff around and approach new situations cautiously. But when they are sure of their prey they go for it rather than second guessing themselves as we humans often do.
5. Team Players Dogs are thrilled when you walk in the room. They are never in a bad mood and never blame or judge you for anything. They cheer you up when you’re feeling down and stick by you no matter how tough the going gets. They are members of your pack and respond with loyalty and trust. Real estate also works best when everyone pulls together, family, Realtors, Attorneys, Inspectors, Lenders, etc.
6. Bury a Bone We get upset when our dog digs up the garden to bury a bone but he is following a primal instinct judiciously telling him to save for a rainy day. This is excellent advice for both owning and maintaining a new home. Having financial reserves can often make the difference between success and failure. Avoid becoming “house poor”. Your dog will love you just as much in a more affordable home. What matters to him or her is you and the family.
Three Critical Factors to Consider When Buying a Home Or Lot on Lake Murray South Carolina
All real estate is not created equal, and this is certainly true with waterfront property on Lake Murray South Carolina. Understanding what to look for can help in the decision making process and can also help to ensure years of enjoyment from your lake-front home. For most people, the three critical factors to consider when purchasing water-frontage on Lake Murray are whether it has fringe-land, whether the property can have a private dock, and whether it has year-round water.
The first critical factor is fringe-land. Fringe-land is a term used by SCE&G (South Carolina Electric and Gas) which basically refers to a seventy-five foot wide strip of land which is owned by SCE&G and lies between the edge of the lake and the adjacent waterfront property.
Owners of the adjacent property only have foot access to the lake and are restricted from encroaching upon the land or cutting trees or shrubs on the land without written consent. While the majority of properties on the lake do not have to contend with this “vegetative buffer”, there are still many properties in the more rural areas of the lake where this is a consideration. Generally, properties free from fringe-land are more desirable.
The second critical factor is the ability to have a private dock. Not all Lake Murray properties can have private docks. SCE&G controls dock permitting, and they have strict guidelines governing permit issuance. Properties that have the ability for a private dock are in more demand and typically command a higher price than those with only a shared dock or with no dock at all.
The third critical factor is whether the property has year-round water. With Lake Murray being a hydro-electric lake, it has an annual draw-down in the fall and winter. The result for land owners is that some properties might be “dry” during the low period. Unfortunately, most real estate agents do not understand how to properly evaluate this aspect of lake properties.
Often times properties will be presented as having year-round water, but they don’t. This is not usually intentional deceit on the part of the listing agent, but usually just a lack of skill. If you plan on purchasing a home or lot on Lake Murray, be sure your real estate agent can do a USGS based depth analysis on any property of interest.
When buying any real estate, you should perform proper due diligence. Now you have an idea of what to look for when considering making a purchase on Lake Murray South Carolina. See you on the lake!
How to Buy a House Without a Bank Loan
There is an unspoken rule in the real estate market. You must have a bank mortgage to buy a house. But did you know there is a secret way to buy a house without a mortgage.
There is a secret financial trick that you can use to buy the house of your dreams in about 8 years and have NO mortgage payment. I know this sounds ridiculous but it’s true. When I write this article, most of the time, I focus on the negative aspects of home ownership and what to avoid when buying a house. This week I thought I would focus on the other side of the table. What to do if you are NOT in financial trouble or at risk of losing your house.
In the last couple of weeks I have gotten emails from people who are trying to get into their first house or upgrade their current house. I rarely get questions on what to do to save a house. So I will try to give more attention to upgrading your current home. Now back to what you really want to know. How do I get a house with no mortgage? Before I tell you how to do this please remember that having no mortgage on a house, while it is a help, it is not the answer to all your financial concerns.
You will still have to pay property taxes and electric, gas, etc. And remember I said the house of your dreams. Not your current house so more than likely you will be facing higher gas, electric, and utility bills. Your taxes also could be substantially higher. So if you are okay with these issues then I’ll share my secret with you. Have you ever heard of compounding, or compounding interest. Compounding is basically when you start with a small amount of money and allow it to build up over time, then you take the money that has built up and reinvest it with the original money to get an even higher return.
Over time you can reach huge returns by just continuing to reinvest your profits. Well if I haven’t gotten too technical, this technique of compounding can be used for a house as well. You can buy a house for a below market price stay in the house for about two years, do some minor improvements and sell the house at a profit. This is because house values over time always rise, and by buying a house under market value the value rises even faster.
Take all the profit from that house and put it down on your next house that you buy below market value also. Do the exact same technique, by the fourth or fifth house you will have a larger house, very little if any debt and you won’t have paid taxes on any of the profit from the sale of your other houses. The reason you won’t pay any taxes is because the government allows you to not pay taxes on the sale of your home if it is your principal residence for two years and you take the profit from the sale and put it toward your new home purchase. It’s the government’s way of saying thank you for stimulating the economy (by selling your house and buying another one).
Now I know you are probably thinking that you don’t want to move every 2 years. You don’t HAVE to move every two years, two years is just the minimum that you have to be in the house to qualify for the tax exemption. This is a great technique for younger couples who don’t mind moving (especially to a larger house) every couple of years. Now for the disclaimer. Before you start selling your house please check with your accountant to make sure that you can qualify for this exemption. Also, this technique may seem a little complicated. If you have questions about how to do this shoot me an email and I can explain it a little further.
Till next time, Good luck and God Bless and remember… If you have any questions about saving or selling your home or any topics on real estate that you would like to know more about please email me and I will answer your questions in this column.
Reasons For Buying, Your Starter Home
Although, we often, consider, home ownership, as one of the core ingredients, in the American Dream, the financial realities of doing so, often, begins, with buying a starter home, rather than, the home of one’s dreams! As a Licensed Real Estate Salesperson, in the State of New York, I have often discussed, this concept and approach, as opposed to simply, waiting, and hoping, for the ability, in the future, to buy something else. Life is evolving, and our needs, goals, priorities, and perceptions, often, change over time. Many of us, must, decide, if buying something, focused on now, rather than for the longer – term, may be a smart approach, and alternative, to merely, renting. With that in mind, this article will attempt to briefly, consider, examine, review, and discuss, some reasons, for purchasing, a starter house.
1. Renting versus buying: When one rents, all the funds, are merely expenses, and go, to your landlord. They become, similar to, paying monthly charges for utilities, and bills. If there is an affordable way, to purchase a house, rather than, merely, renting, you become to build – up, and create, a genuine asset, which usually grows, over time! Wouldn’t you benefit, in a real way, from creating value from your monthly home payments, and, eventually, being able to use the proceeds, towards a down – payment, for something, closer to your dream home? If you have collected, at least some funds (or a family member will provide you, with it), then, a starter home, may be a good idea, for you, and your needs, and priorities!
2. What is a starter home?: What is meant, by a starter house? Generally, it means, accepting your current financial abilities, and situation, and creating a process, for building up your total assets, when the time comes. Since, needs, goals, priorities, etc, change and evolve, over time, as long, as this home, meets your current needs, as well as an apartment rental might, it’s often, a smart approach! Many younger couples begin this way, before they have families, or other needs. Sometimes, this permits someone to sell, and buy something more appropriate in the future, while, for others, if the property and neighborhood, permit (and it makes sense), you might expand it, renovate, and enjoy living there, for a longer- term.
Historically, real estate has been, one of the best overall investments, because it handles, both our housing needs, as well as builds equity, while doing so. Since, for most, our house represents our single, biggest, financial asset, doesn’t it make sense, to take advantage of, the possibilities?
How Much House, Can You AFFORD?
If you wish, to enjoy, the happiest experience, from your home, doesn’t it make sense, to avoid the unnecessary stress and tension/ hassle, from buying, a place, beyond your comfortable, financial – means? In my, over 15 years, as a Real Estate Licensed Salesperson, in New York State, I have come, to believe, the happiest home buyer, is, almost always, one who purchases a house, he can AFFORD, which meets most of his key needs, and requirements/ personal priorities, etc! How much house, can you AFFORD? This question must be considered, seriously, before purchasing, what to most of us, is our single – biggest, financial asset. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, using the mnemonic approach, what this means and represents, and why it matters.
1. Assets; attention; assumptions: Begin the process, by carefully reviewing all your current assets, and determining, how much, you feel, comfortably, is needed, to maintain, your perceived, nest – egg! During this consideration, one must pay keen attention, to his, other – than – housing needs/ expenses, and, what, he can really afford! It’s important to align one’s assumptions, with a well – considered, focus, on aligning your personal comfort zone, with, your true needs, etc!
2. Finances: Take a close, objective look, at your total financial picture, both, at – present, and into the future! How can anyone, fully enjoy their home, unless/ until, they examine their finances, and, objectively, know, what is currently, within their means, and, perhaps, their future potential?
3. Future: What is the objective of the house purchase? Are you considering it, as a starter – home, or your longer – term solution, to your, and your family’s housing needs, requires, and wishes? Depending on this, and, what the future, might bring, your decision, and action, should vary!
4. Options; opportunities; organized: What are your options, in terms of financial affordability, personal comfort zone, region/ area/ neighborhood, commuting to work, safety, etc? Does a specific house, often, any opportunities, because of it’s bones, region, area, neighborhood, lot – size, safety, schools/ educational system, etc? Your search will be better and more effective/ focused, if/ when, you proceed, in an organized manner!
5. Revenue; realistic; reasons; region: Is a single – family house, best, for you, or would you be better off, and feel more comfortable, with owning and living in a multi – family residence? If so, what is the probable, revenue source? Is your approach, realistic, and are your reasons, in your personal, best interests? Is there any flexibility, in terms of the region, etc?
6. Delve deeply; discover: Go beyond the surface, and delve deeply, into your best interests, etc, so you might discover, the best path, for you!
If you know, and are comfortable with, knowing what you can, truly, AFFORD, you will benefit. Are you ready to proceed, wisely?
Have You Ever Purchased a Hoarder House?
When I first saw the TV show ‘Hoarders’, I wondered how they found all those houses.
After buying houses for years, I realize that hoarder houses are everywhere. Shocking!
The above photo is from one of the hoarder houses we purchased. Hundreds (thousands?) of dolls. They were in EVERY room on both floors with only a path to walk through. And boxes. And all of the accessories. I never walked through that house alone. Chucky?
But so many people have houses stuffed with things. Sometimes they’re forced out – this woman was moved into a retirement community by her children. Sometimes I guess they’re just done? We’ve had multiple houses where it looks like the sellers have just gone out to run an errand – all their furniture and clothes still there – dresser, kitchen and bathroom cabinets full – closets full – refrigerator full – personal items still left lying around. Perhaps they just packed a suitcase and left? I guess when you’re done, you’re done.
How do you, the buyer, get rid of all the stuff? That can end up being a huge expense.
One house we purchased had 62 tires inside. What?!
I’ve tried lots of things to avoid hauling it all to the dump (think expense). I’ve tried “moving” sales, selling to vendors at flea markets (“for only $X amount you can have everything”), salvation army, any donation pick-up sources, Craigslist.
One time, I had a house with a number of larger items left. Lots of old, worn furniture but certainly still usable. I put photos on Craigslist and said, “FREE. House open from 12 noon to 12:30pm. Come with a truck.” I left the house open and went back by after 1pm. Nothing left but crumbs. It was fabulous.
Naturally, we have also spent $thousands at the dump emptying houses. We ask sellers what they plan to leave (and hope they’re honest) then reduce our offer by approximate costs to clean out the house.
Real estate investing is interesting on so many levels. We’ve also kept some amazing finds left behind – I have a wonderful and beautiful piano. One seller texted after move-out that he’d left his motorcycle in the garage and the signed title on the kitchen counter. After my husband had some fun on it… we sold it for thousands. Again, shocking. Why didn’t the owner sell it instead of leaving it for us? Who knows – I gave up thinking for the sellers years ago.
So many stories and so much fun.
What hoarder houses have you gone into? What fabulous finds have you gotten with purchase?
How Can You Sell Your House in "As Is" Condition?
There are a large number of house buying companies all across the country that advertise as wanting buy houses in “as is” condition, in addition to being able to pay cash for them and close much faster than a conventional buyer. So why would you want to contact one of these companies in your area if you have a challenging house to sell? Also isn’t it true that those types of companies just want to try and rip you off? These are two very important questions that I’m sure you have asked yourself if you have a fixer type house to sell that may not be best suited for the retail market in its present condition. For the remainder of this article I am going to address these important questions and more in order to help you better understand why these “We Buy Houses” companies exist and how you may be able to utilize the services they provide in your area.
If you happen to be in a situation where you need to sell a house that is in dyer need of major updating and/or some renovation and repair you can be sure that the traditional way of selling a house will be a bumpy ride for you. When people have a “pretty house” to sell they generally call their local realtor, have them come up with a list price that is supported by comparable properties and they list the house for sale on the RMLS realtor network. The hope is that other realtors will see the property and have a buyer for it, then soon thereafter you will be presented with an acceptable offer for the property and you will be on your way to a hassle free closing. Although no real estate sale is that easy these days, that is the general process for houses that don’t need and major updating or repair.
If you do happen to be selling a house that is in need of minor TLC and updating to major renovation and repair, you can pretty much expect a bumpy sales process if you plan on going the traditional route that was just described. The first reason is because most people will always contact a realtor or two in the beginning stages of trying to sell a property….and in this type of case that is where the first misstep can take place. The problem with houses that need major updating and repair (besides the obvious) is that realtors generally have no clue what they are really worth, so quite often they will throw out a number that sounds great in theory but will never come to fruition. I like to call this buying the listing and some realtors will do it intentionally to help secure a future paycheck while others will do it out of pure ignorance because they just don’t know any better. The 2nd major stumbling block that you will hit going this route is that you run a large risk of having multiple sale fails. This is because your home will be on display for every inexperienced rehabber in your market to make an offer on, and after they have wasted 10-15 days of your time most of them will finally realize that they are paying too much for the house and back out of the deal. My house buying company buys a number of houses every year from unhappy sellers who have been highly irritated by the process of listing at one price, having multiple sale fails and ultimately selling at a much lower price. Now don’t get me wrong, there are many houses that should be listed at higher prices and will eventually sell at close to that, but if you know your home is in need of some major renovation and repair you might want to think twice about listing the property with a realtor if you want to see it sell anytime in the near future.
So what is your alternative you ask? Well that is where the “We Buy Houses” companies come into play…..You see some of those companies are seasoned real estate rehabbers who have a very educated eye when it comes to buying houses that are in need of major renovation and repair. So now think about the process I described above and compare that to receiving a cash offer with a quick closing from an educated individual who will absolutely honor the contract and close the deal on time. Now you may not always like the cash price that some of these companies will offer if you have already spoken with a realtor, but you have to remember that the property is only worth what it will sell for and not what a realtor or Zillow thinks its worth. When people buy houses in need of major renovation and repair they are taking a risk by basically paying you to take on a major project. So in return for that risk and the work that goes along with it there must be a reward; otherwise nobody would ever buy houses that need repairs. To make it very simple to understand nobody is going to buy a house for $150,000 that needs $50,000 in repairs for it to then be worth $200,000. They may look to purchase the property for between $100,000-$120,000 but probably no more than that, and if they are looking to buy it for more you can be pretty sure that the sale will fall through at some point. This is a major reason why some people believe that the “We Buy Houses” companies are just trying to rip you off, when in actuality they are just trying to purchase your property at a price that will adequately compensate them for all of the risk and effort they will be putting into it.
So how do you know which “We Buy Houses” company to call to get the best deal? This is a great question and one that I’m sure you have asked yourself at some point. Make sure to do some research on the company ahead of time to see if they have a website, vanity phone number and anything else that makes them look like they are running a real organized business. Also make sure to ask if you can see pictures of some of there previous renovation projects, that way you know you are dealing with an actual rehabber and not just a real estate wholesaler who will be looking to sell the property to a rehabber for a profit. For my house buying company we actually built an entire website around showcasing all of our renovation projects, and I always share it with every seller that we meet with so that they can check it out in order to see what we are capable of. If you are able to find a quality “We Buy Houses” company in your area I would absolutely suggest selling your fixer property to them if you feel that the price they offer you is fair based on the amount of repairs that are needed. Just remember that there will need to be a profit in the deal for whoever buys your property, otherwise it will just sit on the market until you lower the price to a point where it makes sense to take the risk of purchasing it. I hope you enjoyed this article and found the information useful when it comes to selling a house in need of renovation and repair.
Organization Is the Backbone – Staging a House for Sale
A good organization system is invaluable in any household – but you can live without it in your day to day life if you choose to. However, when your house is listed for sale you absolutely must organize every space in the home. If you skip this step in staging your house for sale it could cost you money at closing with a lower offer or cause buyers to pass on your house altogether.
Organization can be elusive. People have the best intentions of getting and staying organized. They go out and buy boxes and baskets and promise themselves they are going to use them from here on out. And sometimes they do – but more often than not – it doesn’t work out that way. Most commonly these people end up with boxes and baskets full of stuff – and more stuff everywhere else. This is fine for everyday life, but when the house is listed for sale it just won’t do.
One of many reasons it is so difficult to live in a house while it is listed for sale: All areas of your home simply must be well organized while the house is listed. Why? Because buyers are curious (nosy) and rightfully so.
When a potential buyer decides to visit your house in person there are so many obstacles to overcome to even get them through the door. Do the online photos look great? Is the house priced right? Is the curb appeal great? Does anything smell funky from the front walk?
When you actually get them into the house you are solidly in the game. You have overcome all the initial obstacles to selling your house to these particular people. These just might be your buyers so don’t blow it with “behind the scenes” chaos.
Behind the scenes chaos occurs when a house looks good on the surface, but underneath the clean windows, great furniture arrangement, and strategically placed lighting there is disorganized space. Cabinets, drawers, built-ins, and closets have a huge impact on the buying decision. If buyers cannot easily see how their things will work in the space they will emotionally disconnect from the house. You do not want this disconnect to happen. It is the buyer’s emotional connection to a house that brings the best offer. Chaos disconnect causes them to want to leave the house – not buy a home.
Buyers are a nosy bunch – and rightfully so. They want to inspect every space they are considering for purchase. Wouldn’t you? Buying a home is most often the largest purchase people make in their life time. They need to feel confident in making an offer. They need to feel connected to a home to be willing to pay for it.
They need to see every single inch of space the house has to offer. This includes every built in drawer, cabinet, and closet in the house. Every. One. Of. Them. It is reasonable to think buyers will not be opening drawers and cabinets in furniture pieces that will not be included in the sale of a house – but don’t count on it. No realtor can be in every room at every time. Drawers will be opened, inspected, and judged. Keep this in mind.
Even the most beautiful staging in every room of a house is blown by closets or cabinets crammed full of disaster. If you have stuff just thrown about in any space, large or small, it tells a buyer there is not enough storage space in this house to live in peace. Buyers don’t necessarily hear the chaos clearly or in those words, but they will strongly feel the discord in the space. They will “feel” a reason to pass on the property or to make a low offer because they don’t feel there is enough storage space. They may move on to the next house because they believe their things will never fit in this one.
Your de-cluttering process should have helped you pare down to only those things that bring you joy or that you really need. The next step is to organize the things that stay in the best way possible so that it brings you and, more importantly, your buyers a sense of peace.
Buyers are willing to pay for spaces that they can envision living calm and peaceful lives in. They want to think that if they lived in your beautiful organized house they would have the calm and peaceful life they aspire to. They believe they will be able to find their car keys, sunglasses, and cell phone at all times.
Organized spaces are the “bones” that hold up the quality seen in a staged home. Without organization even the best staged room doesn’t hold up to a buyer’s inspection.
When staging your house to sell make sure you organize every space as part of your process because you know buyers are going to look everywhere! You will be glad you took the time on closing day with cash in the bank!
Buying A House In Probate
Everybody loves a good deal and buying a house in probate can be a fantastic opportunity to own property with a lower cost to acquire it. Purchasing a probate property means that the property was once owned by a person now deceased.
There Are Two Ways That A Property Can Go Into Probate:
- The heirs of the deceased inherit the property. Many times heirs want to sell a property quickly so they aren’t responsible for insurance, taxes, maintenance and other associated costs of homeownership.
- There is no will or heir. In this case, it’s the state’s responsibility to sell the property and this often means the property will sell below the actual market value.
Real estate listings don’t actually state that a house is in probate. Real estate insiders will keep a pulse on the local probate market and watch for obituaries to see potential probate property becoming available. Many real estate investors utilize probate sales as a primary means in which to purchase investment property.
Often an estate representative or probate attorney will hire a real estate agent to market the property just as they would a traditional real estate listing. When an offer is presented, the estate’s representative can either accept, counter or reject the offer. There are specific rules to follow and every state is different. So, having a knowledgeable person on your team who knows your state’s procedures is key.
Things To Think About Regarding Real Estate In Probate:
- Purchasing a probate property can take longer since there may be a probate court process that can take a number of months.
- Cash talks. If you are able to make a cash offer, then that may speed up the process of probate.
- Learn as much about the property as possible. Because a property is sold in as-is condition, make sure you have the property thoroughly inspected before committing to purchase it. Additionally, if any debt is attached to the property, you could become liable for it without even knowing it existed. Do your homework!
- Know the terms and conditions of a probate sale. In general, no contingencies are accepted.
- Work with a real estate professional that knows the ins and outs of a probate sale.
- Be prepared to go to court. While in some cases you can make an offer on the property and it is accepted while another scenario may involve appearing in court (in some states) to overbid somebody else’s offer. When this takes place, you must be prepared with money in hand to complete the transaction.
- Many probate properties are in need of “TLC”. Often times elderly homeowners fail to make necessary home improvements on account of a tight budget, physical condition or they are unable to recognize that the property needs repair. Make sure that you recognize problems (and costs) that could arise from neglected home improvement projects.
While buying a property in probate can be a financially savvy move, it can also be overwhelming with all of the details and court-regulated steps involved. Keep in mind that probate laws will vary from one state to the next. It is always a good idea to consult a knowledgeable real estate professional that is well versed in the ins and outs of probate sales.
There are pros and cons that go along with purchasing probate property. In some cases, you can find probate sales that are great bargains. On the flip side, some can be overpriced because of greedy heirs. Whichever the case may be make sure that you know the practice of probate real estate in your state and have a knowledgeable real estate professional on your side to help guide you through the process.