What is the difference between a Probate Real Estate Sale and a Trustee Sale?
The recent news regarding real estate sales has buyers' heads spinning. One of the things that we have noticed is that buyers are very confused on the difference between a Probate Real Estate Sale with court confirmation and a Trustee Sale.
The main difference is that when you purchase a piece of real estate through a Probate Court proceeding the buyer will receive CLEAR title.
When a property is purchased at a Trustee Sale the buyer takes title subject to liens. For example, if the prior owners are delinquent on their property taxes, that lien will become the obligation of the purchaser of the property. The lien will not be brought current through the Trustee Sale.
Please be aware that prior to purchasing any property you need to understand what, if any, liabilities you may be assuming.
The Sanborn Team works on taking the mystery out of Real Estate.
Please call us at 310-777-2858 or visit our website http://www.sanbornteam.com/
The recent news regarding real estate sales has buyers' heads spinning. One of the things that we have noticed is that buyers are very confused on the difference between a Probate Real Estate Sale with court confirmation and a Trustee Sale.
The main difference is that when you purchase a piece of real estate through a Probate Court proceeding the buyer will receive CLEAR title.
When a property is purchased at a Trustee Sale the buyer takes title subject to liens. For example, if the prior owners are delinquent on their property taxes, that lien will become the obligation of the purchaser of the property. The lien will not be brought current through the Trustee Sale.
Please be aware that prior to purchasing any property you need to understand what, if any, liabilities you may be assuming.
The Sanborn Team works on taking the mystery out of Real Estate.
Please call us at 310-777-2858 or visit our website http://www.sanbornteam.com/
