Have you considered buying a probate property in Nevada? Probate properties might seem like a lucrative investment, however, there are some cons of buying probate property you need to be aware of before you make your purchase.
This blog will tell you what you need to be aware of when investing in a Nevada probate property.
It’s Not Going To Be Quick
The process of a home being sold through a probate court can take months, even years. Typically, there are many parties involved in the sale which inevitably leads to complications and delays.
You will be dealing with lots of red-tape from the probate courts and attorneys. In addition, you might be waiting on heirs who may not agree about what to do with the property, what to sell it for, etc.
Disagreements may arise, slowing down the process while the courts attempt to figure everything out. If the deceased party had financial debts and obligations, those must be settled as well, adding more time to the lengthy process.
Be Prepared to Make a 10% (Sometimes Non-Refundable) Downpayment
Every probate case is unique. However quite often you will be asked to make a 10% downpayment on the home along with your offer. If you are unable to secure financing for the balance or are unable to close on the deal for other reasons, you may lose your deposit.
Also, even if you are the first in line, the real estate agency or executor of the estate may accept counter bids, which you will have to match in order to secure your purchase. Offers are not always challenged, but it is something you should be aware of.
Upgrade & Repair Costs Can Eat Up Your Profits
Always, always, always make sure you have a thorough inspection done on the property before you make your purchase. Oftentimes, homes that are in probate may not be in the best shape. Home improvements may have been neglected as the years went by, leading to issues with the home that can prove to be expensive and profit draining.
Make sure the structure of the home is sound and plumbing and electrical systems have been maintained. If there are many fixes and upgrades for you to contend with, you might want to rethink what you want to offer for the property.
Investing in a probate property can be a great investment as long as you know what to watch out for. As with any type of real estate investment, there are definite perks, however, make sure you are aware of the cons of buying probate property in Nevada before you make your investment.
Do you want to learn more about the pros and cons of buying property in Nevada? We can help you navigate the world of probate investing. Click here to fill out the form, or call our office now at 702-213-6539.
Whether you are looking to buy or sell a probate property in Las Vegas, 89005 89007 89012 89011 89014 89015 89018 89021 89025 89027 89030 89029 89032 89031 89040 89039 89044 89046 89052 89074 89169 89084 89183 89081 89054 89086 89085 89034 89101 89103 89002 89102 89105 89104 89107 89106 89109 89108 89111 89110 89113 89115 89117 89119 89118 89121 89120 89123 89122 89125 89124 89127 89126 89129 89128 89131 89130 89132 89135 89134 89139 89138 89141 89143 89142 89145 89144 89147 89146 89149 89148 89151 89153 89152 89155 89154 89156 89159 89161 89166 89165 89158 89178 89179 89185 89195 88901 89004, Selling Nevada Houses is here to guide you through the process! Give our office a call today!