The house in question is subject to court approval because it is part of an estate, so the probate court must approve the sale. This may add some time to the closing, but here in Connecticut these sales tend to proceed rather quickly.
However, this property is currently under deposit, which means there is an accepted offer that is subject to various contingencies.
When you listed to real estate advice, make sure it is fro ma local agent. Real estate laws are governed at the state level and thus vary from state to state.
The horror stories are told by people like me to keep people like you from showing interest. This keeps the price I'll have to pay down.
Yes, there is.
A sale that is "subject to court approval" could involve the distribution of proceeds in a divorce or estate situation, for example. The broker running the ad is giving potential Buyers a "heads up", so they're aware that the purchase may take some additional time. However, the Buyer could get an excellent buy.
If you purchase a bank-owned (foreclosure, or REO) property, the approval may be quicker ,and the property could be a bargain as well, but there could be the potential for title issues For example, recently, in Florida (where I live) and 23 other states GMAC (Ally), Chase, and Bank of America have suspended foreclosures due to questionable procedures during the actual foreclosure process. This mess could take a L-O-N-G time to straighten out.
If I were buying, I'd pick the one that's "subject to court approval." Good luck with your home search.
Maggie Hawk, REALTOR
Watson Realty Corp.