When a person passes away, their assets, including real estate, typically go through the probate process. Probate is the legal process of validating a will, settling debts, and distributing assets to beneficiaries. If the deceased person owned real estate, it may need to be transferred through probate before it can be sold or distributed.
Real estate can be inherited by beneficiaries through the probate process. In such cases, the beneficiaries may choose to sell the inherited property, which often involves working with real estate professionals to list and market the property for sale.
Probate real estate sales refer to the process of selling real estate owned by a deceased person's estate. These sales may occur during or after the probate process and often involve specialized real estate agents who have experience with probate sales.
Some real estate investors specialize in purchasing properties through probate sales or from heirs looking to sell inherited real estate. These investors can acquire properties at potentially lower prices and then renovate or sell them for a profit.
It's important to note that the specifics of probate and real estate can vary depending on the jurisdiction and local laws. Consulting with legal and real estate professionals can provide you with more accurate and detailed information based on your specific circumstances.
