During the Colorado probate period, the estate administrator or personal representative, typically has a limited time to sell the assets of the estate, in order to pay the creditors and beneficiaries.
Probate real estate assets include single famly homes, condominiums, duplexes, townhouses, apartment buildings, land and commercial property. Because of the need to sell property within a shortened time frame, estate properties are typically sold at fair or below market prices.
Below are some things you should consider when buying probate real estate:
- Vacant Properties: When properties sit vacant, they are subject to vandalism, rodents and weather damage. In Colorado, special attention must be given to plumbing systems to avoid freezing pipes during winter months. A thorough inspection of of the property, including all systems is recommended.
- Property History: Most of the time, the administrator of the estate has not lived in the property and has no knowledge of property defects, city notices, homeowner association notices, or other material facts, so therefore cannot disclose them to you.
- Title / Legal Issues: Good title research and insurance is required due to special conveyance deeds & prior liens. Sometimes there are delays if court approval is required for a sale.
- Property Updating & Repairs: Many times estate properties have been neglected and/or have not been recently updated. The prior owner may have been ill and unable to maintain the property. Many estate properties have been well maintained but have not been updated to current standards. This provides you with the opportunity to improve the property for your benefit.
- Stigmas: If the deceased owner passed away in the home, there may be a stigma association, which could affect property value.
Knowledgeable, Experienced Probate Real Estate Brokers
It's important to work with a broker who is familiar with probate real estate transactions, and familiar with property values in all of the Denver - Boulder neighborhoods.
All of our brokers are Realtors® who
subscribe to the
Realtor Code of Ethics.
Broker/Owner Russell Harrist is also a Colorado Certified Residential Appraiser, with over 10 years experience as a Colorado real estate appraiser and over 20 years experience as a Colorado real estate broker. Russell is always happy to work with you personally. Contact Russell to set up a free tour of probate estate properties.
