Probate properties are real estate properties that are going through the legal process of probate, which is the process of administering the estate of a deceased person. When a person dies, their will (if they have one) is submitted to the probate court, and the court appoints an executor or administrator to manage the estate. The executor or administrator is responsible for paying off the deceased person’s debts, distributing their assets to their beneficiaries, and selling any probate properties.
Buying a probate property can be a good way to get a good deal on a property, as they are often sold at a discount to market value. However, there are also some risks involved in buying a probate property, such as the possibility that the property may be in poor condition or that there may be liens or other claims against the property.
