How to Find the Best Offer on Probate Properties in the United Kingdom

Best Offer on Probate Properties

A lot of people purchase properties in the interest of living in them and having somewhere that they can call home. That being said, this isn’t always the case, as many individuals will consider buying a property as a form of investment. If you have ever thought about doing this and looked into it, then chances are you will have heard about purchasing properties on probate. Doing this can be a good call as you can save some money, and the transaction can be done quickly and easily. So, how do you find some of the best offer on Probate Properties in the UK? This is going to be covered in more detail below.

Finding a Probate Property

First things first, you need to know different points of contact where you will be able to locate different probate properties. These are:

  • Your Local Real Estate Agent

You will have estate agents local to you who specialise in probate properties, so it’s a good idea to reach out to them and see if anything has come up. Give them a call, and let them know what kind of property you are looking for and what budget you are working with. Having an estate agent you can work with is beneficial, given they will contact you as soon as somewhere becomes available, meaning you can make an offer quickly and get a good deal.

  • Search for Different Online Listings

There are a number of different websites online that specialise in probate properties and as such, you should browse and find the right websites which show places in your area. They are advertised in the same way as any other home, so you can find them on popular real estate sites too, but if you want to narrow your search, then be sure to include the word “probate” when looking at listings. If you want to get a good deal, then look for homes that were listed more recently; if they were, then they are unlikely going to have any offers already made against them.

  • Check the Court’s Website

Another option available to you is to check on the probate court’s website, as they usually have probate properties on there. Search “probate court” and then include the area you would like your property to be in. These homes typically go for sale in auctions which are open to the public. All auctions will be listed on the website. The properties can go for cheap on these websites, but the auctions happen quickly, so you need to be on the ball as you won’t have a lot of time to do your research.

  • Do a Walkthrough of the Property You’re Interested In

If you have found a property that you’re interested in and you have time to do so, you should ask the relevant agent if you are able to do a walkthrough of the property. These homes usually need some work, so look out for this and weigh up whether or not the repairs necessary make economic sense. You will likely need to update and remodel the property; that’s a given, but just make sure they are updates that will be affordable and worth it. You should note that you don’t always get the option to do a walk-through of a probate property, so if this is the case, then ask for plenty of pictures of the inside, and outside of the property so you know exactly what you’re buying. If the pictures don’t give a clear reflection of the property, then you might want to have a look for something elsewhere.

How Can You Make an Offer on a Probate Property?

So, once you have found the property which you are most interested in, how can you make an offer on it? The truth is, there are a few different ways, which include:

  • Make an Offer to an Estate Representative

Once you have had a good look at a property and are happy that you want to go through with the purchase, simply make an offer to the estate representative. You will need to submit this offer in writing, or if you have an agent working on your behalf, then they will be able to submit the offer for you. If the offer is accepted, then the agent will file a petition with the court to notify them of as much, and a hearing will be set for about a month after that petition is filed.

  • Pay 10% Cash Deposit

You are expected to put down a cash deposit as soon as the offer is accepted. This is a good way to guarantee the sale is going ahead and is one of the reasons why the sale of probate properties goes through so quickly. Keep in mind that even if you have a contract with the owners, the judge still has to approve the sale itself. This sets buying probate properties apart.

  • Attend the Court Hearing

When an offer is accepted, that doesn’t mean that the house is necessarily yours. A probate judge will need to approve the sale before the property becomes your own. On top of that, the probate hearing is a good chance for others who are interested in the property to outbid you. This is known as the overbid process, and it works in the same way as an auction. It’s worth noting that if you haven’t made an offer, you can still attend the hearing and place bids, but you likely won’t get the best deal if you do this.

Do You Need Help with Probate Properties?

If you need some assistance with purchasing probate properties then you will be happy to hear that there are different sites out there which can assist. If you work with us at Probates Online we can provide advice on where to look for different properties and provide information on the process. If you have any questions or would like any further information, then do not hesitate to get in touch.