A Radnor probate sale is a great way for a potential homeowner to snatch up a house at a low price. With this type of sale, the previous owner has died without naming someone to take over the home. A lawyer will typically oversee the sale and will put it on the market for less than the market price.
This can create an opportunity for a Radnor buyer to get the house for much less than it could be sold for. However, the one downfall is the length of time it can take to complete this type of sale.
Who Should (and Should Not) Consider a Radnor Probate Sale
Buyers will be excited to come across a Radnor probate sale. The house could be in decent condition and the price is much lower than other homes in the Radnor area. It would be a steal for a buyer to complete this purchase. But buyers must be wary when entering into this type of sale.
A buyer that needs the seller to make any repairs on a house will not like a probate sale. The lawyer that is representing the house is not going to take responsibility for any problems in the home.
In other words, what a buyer sees is what they get. If the Radnor house needs renovations it is up to them to complete them after the house has been purchased.
The way a buyer makes an offer on a Radnor probate sale is a little different. When making this offer, there must be at least ten percent put down as a deposit on the offer. This is ten percent of the purchase price of the home. That amount can be rolled into the down payment if the sale is completed but it is typically in addition to the down payment that is being put down.
Even though the lawyer that is representing the house accepts an offer, the sale is not complete. The lawyer must now get approval from the court to finalize the sale. Most systems can take a long period of time for this to be processed. There is at least a month of waiting if not more when the courts are involved.
Depending on the area, the house may not be pulled from the market while an offer is being reviewed. They may continue to show the house to other buyers. These buyers may make offers on the home that will then be reviewed. After weeks of waiting, a buyer may learn that someone new has placed a higher offer and their original offer has been denied.
The only saving grace is the ten percent deposit should be returned to the buyer. They will not be out the money they have put towards the Radnor house. Time is the only thing buyers are losing on a Radnor probate sale. It can be frustrating to wait weeks or months to hear from the court reviewing an offer, only to have it end in disappointment.
Probate sales are not for every Radnor buyer. They can be a more complex and frustrating process than a typical sale. A first-time homeowner may want to avoid the entire process because of the uncertainty it brings to the table. However, it can be a wonderful way to save money on a solid house.