5 Tips for Buying Real Property in a Conservatorship Sale
Posted by Techyscouts | Posted on 11/18/2021
Buying real property in a conservatorship sale may seem daunting, but it is actually very similar on paper to purchasing real property under probate, so much so that probate and conservatorship properties are often marketed together with the differences illuminated only in the fine print. Whether you’re dealing with a residence or investment property, probate or conservatorship, Michael Millea is your real estate agent in Los Angeles, providing you with the tools needed to navigate the market with professional skill. Here are a few tips for buying real property in a conservatorship sale.
1) Inspect the Property Thoroughly
Properties sold through a conservatorship are always sold as-is, meaning the condition should be directly reflected in the price. It is critical that you personally inspect the property inside and out, and potentially hire outside inspectors, to ensure that it meets your expectations before making an offer.
2) Review All Associated Documents
Real property can come with a lot of legal baggage, as it is a part of a neighborhood and community. It is important that you understand the context of the property by reviewing any Homeowners Association (HOA) documents, Covenants, Conditions, and Restrictions (CC & R’s) before you make a decision.
3) Get the Property Appraised To Secure a Loan
Not only will you need to be prequalified for a loan, you will also need to get the property prequalified. The latter will usually involve the lender getting the property appraised.
4) Review the Title Report
Make sure you understand the details of the title report before you make an offer on a property sold through conservatorship. Understanding who holds the title, the manner in which it is held, any encumbrances (such as mortgages, liens, and recorded judgements), and the real property taxes due is a basic knowledge of the property you should have before taking it on.
5) Work With a Professional
The best way to avoid any snags when purchasing real property in a conservatorship sale is to work with a real estate professional who is familiar with the ins and outs of the market, and knows how to predict and avoid delays in the transaction. Michael Millea is a veteran real estate broker with a professional legal background that gives him a powerful force in the probate, trust, and conservatorship real estate market. His 30 years of combined experience are guaranteed to guide you to the best possible outcomes in your investments and property purchasing. Contact our team today to get started!