If you have been searching for homes sold at a lower price point, chances are you have already come across probate sales in Long Island NY and have been attracted to their affordable price tag.

Well, you may know a thing or two about these type of properties—but as someone who has quite an experience with both buying and selling probate homes, I’m highly encouraging you to hold the excitement. Take some time to truly understand the legalities involved, as well as the pros and cons.

That’s what my quick guide here is for, so buyers or investors like you will have a more in-depth view and save some money on your home purchase, or even make a good amount of profit.

What is the probate process?

In real estate, a probate takes place when a person dies and the court takes over the settlement of his estate. The court appoints a legal executor (if there is a will) or an administrator (if there is no will) to collect all of the deceased’s assets, paying any liens remaining, and distributing the assets to the beneficiaries.

If the deceased has failed to prepare a will or indicate an executor in his will, the court usually appoints the closest living relative. Take note, every state has different probate laws despite the implementation of the “Uniform Probate Code.” To know the regulations in your location, please refer to this resource.

What is “the catch” with homes in probate?

Almost every good deal has “a catch”—and with homes in probate, it’s the long legal process that needs to be completed before they become available for listing or selling.

Now, you might be wondering, “How long does the entire probate process really take?” The answer depends on two things, the deceased person’s will and state laws. Obviously, the existence of a well-prepared will makes the process easier and faster because every detail is already in the document. The process only becomes complicated and lengthy when it does not indicated an executor or beneficiary.

In many states, probates involving small estates take an average of six months. However, in other locations, the same process can take up to two years or even four years from the date of passing!

If you are purchasing a probate sale in Long Island, be prepared to wait for two to six months or an average of at least three months. For simple cases without any liens or disputes, the process may take as fast as two months.

How is a Long Island probate home marketed?

Long Island homes in probate are marketed the same way as regular properties. The executor or administrator hires a real estate agent, then signs the listing contract and shows the property to interested buyers—just like every other homeowner selling their house.

As for the list price, it is generally based on the agent’s recommendation and a separate appraisal that has been legally ordered by the court.
While waiting for a seller to be finished with the probate process, the best move you can take is to speak with an agent to get an accurate idea of how much the property is really worth. It helps to talk to someone who’s not only experienced with selling, but also with homes in probate so you can receive proper guidance throughout the entire process.

If you’re looking to buy probate sales in Long Island NY, please check my website for more helpful information.