by 
The Curious Bag
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If a person dies without having a proper will (or if there are any disputes connected with the deceased's property), the probate court takes ownership of the estate. The court then oversees the selling of the property in what is called a probate sale.
Function
The probate sale's net proceeds are divided up among the estate's creditors to pay outstanding debts. Whatever money is left over is divided among the surviving heirs and designated beneficiaries.
Benefits
Probate sales offer savvy real estate watchers and investors the opportunity to acquire valuable assets at discount prices.
Features
Probate sales may include houses, apartment buildings, industrial property, commercial property, and raw land. Anything that requires a signature must go through probate, so that means cars, trucks, boats, airplanes, checking accounts, copyrights, stock certificates, and other valuable assets may be up for sale.
Considerations
Probate sale properties are sold "as is." It's important to understand the disclosure documents relating to the property. Most purchases will also require a court appearance.
Warning
The probate sale process may be a lengthy, complicated process. It can also be expensive, requiring payment of court costs, legal fees and costs, and additional fees.
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