Louisville Gals Real Estate Blog

Today's video is on the special language you must put in every contract when buying probate property.

Probate investing is pretty straight forward in my state. However, there is one sentence that you need to add to every contract when buying a house that's in probate. This will help you avoid potential problems down the road.

The Process

I have been investing in probates for a very long time now and generally speaking, buying probate property is no different than buying any other property.  The deal goes smoothly most of the time.  But … every now an then, that just isn't the case.

There is always an exception to the rule isn't there?

What's the one sentence you must have in the contract to buy probate property?

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Here is a Perfect Example for You

A few years ago I put a probate property under contract exactly like I normally would.  I assumed what the executor and the heirs told me was accurate, and that was that the house was ready to be sold.  Now I don't think they meant to be misleading, but they had really made a mess of things when it came to settling the estate.  They were trying to do it themselves which almost never works out the way it should. It took 5 months and many extensions in the contract before we finally made it to the closing table.

It was those extensions that were the problem.  Every time you run out of time, you need to get a contract extension unless you have added special language to your contract. Read the rest of this entry →