We just closed this South Sunland probate sale, and here’s how it went:
A past client contacted me after her sister passed. I met with her, and we listed this three-bedroom two-bath home for $649,000 on 9/19. The kitchen and one bathroom had been gutted, so it would not qualify for conventional financing. The buyer would have to pay cash or take a hard-money loan. A hard money loan is a short-term, asset-based loan secured by real estate. Instead of focusing on a borrower’s credit or income, the lender primarily looks at the value of the property used as collateral. These loans come with higher interest rates and shorter repayment periods, but can be funded very quickly, often within days. They’re commonly used for fix-and-flip projects, bridge financing, or situations where a borrower can’t qualify for a traditional mortgage.
I was hoping the home would sell for a bit over $650,000. I was mistaken; we received just two offers and sold the home to a cash buyer for $605,000. This probate sale required court confirmation, so I was back at probate court again, the second time in two months. This time, there were no overbidders, and we closed this South Sunland probate salse to the original buyer.
