Home Buying in Chicago>Question Details

Kenneth, Home Buyer in Chicago, IL

How do you buy a building in an estate sale?

Asked by Kenneth, Chicago, IL Mon Jun 2, 2008

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If it is listed in the MLS, your Realtor can locate estate properties by entering 'ESTATE' (or foreclosure or handyman or whatever you want). If you already have it located then your Realtor or your attorney can draw up a contract. Usually it would be conveyed As-is. It is normally fairly straight forwward after that. A 1 year home warranty plan and a home inspection may be a good idea. If it is not listed it is more research to go through legal notices and contact executors or heirs.
Web Reference: http://www.realtybob.com
0 votes Thank Flag Link Tue Jun 3, 2008
i am sorry if i am not understanding your question correctly, but buying a property from an estate is just like buying from anyone else. if there is a probate estate, the executor/administrator signs the contract of sale and acts as the "seller." if there is no estate, all of the "heirs" should sign the contract. either way, from a buyers perspective, the process is the same for this and any other "conventional" purchase transaction.

if you are asking how do you find an estate that is selling a property, or how do you approach / identify an estate sale before the property is offered for sale, i will defer to the realtors, brokers and investors who monitor the questions posed on this list
0 votes Thank Flag Link Tue Jun 3, 2008
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