Los Angeles Probate Properties for Sale
Learn how to buy a probate house or a condo in Los Angeles
If you are an active real estate investor or a flipper, sooner or later you will come across a probate sale. Homes and condominiums sold thru a probate usually are a good candidates for remodeling and flipping as they are priced lower then conventional sale because listing agents price them somewhat below comparables to facilitate several good offers (usually all-cash offers).
What is a Probate Sale?
What is a Probate home or condominium sale? Probate sale occurs when someone dies without creating a will or living trust before death. State and court administer the real estate of the diseased and want to make sure that property is sold for the best price in its current condition. Probate properties sold in AS-IS condition.
Who is the Seller in the Probate Sale?
You might be curious, who is the physical seller in probate sale? Probate court would hire an attorney who becomes Executor of the Estate. This attorney would contact a Realtor and sign listing agreement, essentially attorney acting as a seller and approves the probate sale price and all conditions.
Advertising Probate Sale:
In order to generate a lot of interest Realtor would price the probate sale 30-40% below market in anticipation of many cash offers from developers, remodelers and flippers.
Making an offer on Probate Sale:
The sooner probate property hit he market, the better! Usually all offers due in 10 days and then only best offers gets countered with 1 phrase “Submit your best and final offer”. At this point you gotta take a good look at the property and submit your best offer.
See all probate properties for sale in Los Angeles, Orange, Riverside and San Bernardino counties below. You can filter and sort them out any way you want by clicking on the right corner
Sorry we are experiencing system issues. Please try again.