When looking to invest in property, you may have come across probate properties.
Probate properties are properties that are owned by the estate of a deceased homeowner. They are usually sold below market value.
They are usually sold below market value because they are older and need updating, but as the purchase price is less than market value, it usually leaves money to be used for renovations.
How can I find a probate property?
Finding probate property can be straightforward if you know where to look.
Firstly, get in touch with local estate agents and discuss if they handle probate properties.
If they do, they’ll be able to guide you through the purchasing process.
You can also find probate properties at auction, where you can turn up and bid on the property against other potential investors.
How do I purchase a probate property?
Purchasing a probate property is a much lengthier process than purchasing a normal property.
Generally, purchasing a probate property takes around six months.
Once you’ve made an offer, you will need to provide at least a 10% deposit.
You will then have to wait for the offer to be accepted.
Once the offer has been accepted, you can ask for an inspection, which will give you a good idea of the potential issues the home may have and the work you will need to carry out in order to rent it out.
At any stage, our expert mortgage advisers can arrange the right mortgage for your circumstances. Speak to them today to talk about purchasing a probate property.