Finding Probate Property Deals

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    Finding Probate Property Deals

    Hi,

    After having purchased a few probate properties over the years (all great bargains below market value!), I wondered if anyone knows of a website or service that provides a list of probate properties currently for sale?

    In case people are unfamiliar with probate property, it is simply property left in the estate of a deceased person, which often is being sold by motivated sellers i.e. the beneficiaries of the will who might be willing to accept a lower offer to sell quickly and easily.

    I am not asking for names and numbers of the family of the deceased or executors, but just the details of properties up for sale with agents/on Rightmove that are known to be probate property?

    I know you can sometimes spot a probate property advert a mile off on RightMove. The ones with the floral carpets and green bathroom suites! but this can be hit and miss not to mention time consuming.

    Thanks

    Answers given are simply my own opinion and should not be interpreted as legal advise. Always seek legal assistance if you have any doubts.

    #2
    If everyone knew about them, the market would push the price up! You are getting the low prices because people don't know they are bargains.

    Comment


      #3
      That is very true! But I want to be able to find more of them easier!

      I don't mind paying for the service either as I know it's getting harder these days to find anything BMV.

      However, my searches tell me that nothing like this currently exists, is that due to demand or simply that it's not possible to collate all the probate properties for sale?
      Answers given are simply my own opinion and should not be interpreted as legal advise. Always seek legal assistance if you have any doubts.

      Comment


        #4
        The majority of these properties would go to auction I imagine.

        Comment


          #5
          You'd think so but I've found that isn't the case with probate properties, I'd say most of them are sold via the traditional route on the open market hence why I want to be able to identify them easier on Rightmove/Zoopla.
          Answers given are simply my own opinion and should not be interpreted as legal advise. Always seek legal assistance if you have any doubts.

          Comment


            #6
            This is correct, most of them go the 'normal' route to market via an estate agent to achieve the best market price that they can.

            You will find it very hard to identify any of these properties vs traditional sales.

            Comment


              #7
              Usually you can guess everything needs a refurb and usually no furniture in, bought a few but one dragged on 9 months to get probate through, familys wanted to sell brother didn't etc took forever

              Comment


                #8
                True, but what you described could also be an ex-rental...

                Comment


                  #9
                  Yeah but ex rental, would be done to a better standard, saying that some probate could be refurbed, some family members decide its worth the money to get top dollar, some just want rid asap

                  Comment


                    #10
                    sam_cat,

                    Yes, certainly not an easy task using just the photos and descriptions alone. However, there are published probate notices that give an address which makes the task easier.
                    Answers given are simply my own opinion and should not be interpreted as legal advise. Always seek legal assistance if you have any doubts.

                    Comment


                      #11
                      Surely if they are being sold via traditional routes then their is unlikely to be much of a financial benefit! Is their any other benefit to buying probate properties apart from no chain! Auctions must be a better route for bmv properties than this.

                      Comment


                        #12
                        The key point is that with probate property you are dealing with a different type of seller. Often a highly motivated seller who wants a quick sale to avoid holding costs but also is under pressure or has a strong personal desire to liquidate the asset asap.

                        A lower cash offer in this situation can trump a chain dependent sale relying on a mortgage.
                        Answers given are simply my own opinion and should not be interpreted as legal advise. Always seek legal assistance if you have any doubts.

                        Comment


                          #13
                          All well and good if the vendor is the only beneficiary otherwise they need to be seen to be getting the best price achievable.

                          Comment


                            #14
                            Viewed one yesterday, lovely couple, mother passed away and they just want rid of it, problem is that its cheap and although they said be happy with 90k for quick sale offered 95k and a quick sale. Agents now want last and final offers and apparently its over 100k which makes it not cheap to sell. Still a bargain for somone to live in as they wont have stamp duty etc to pay like me

                            Comment


                              #15
                              Do you have any examples of probate properties on rightmove or zoopla? I could write a machine learning algorithm to search their entire database and present back only the probate properties.

                              Comment

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