Real Estate: Wisconsin/Buying Probate property


Can you please tell me how purchasing probate property in Wisconsin works?  Specifically, is there any set percentage of the appraised value that must be paid?  For example, in California, it looks like you have to pay 90% of the appraised value, I'm just wondering if there are any set rules like that in Wisconsin.  Also, does it have to go through an auction, or are you allowed to make an offer directly to the executor of the estate.

 Whether the property is in probate or not. does not affect the price. The price is determined by the market - a willing seller to a willing buyer and contingencies met in the contract. For example...if you agreed to pay $100,000...and the inspection revealed a $10,000 hole repair in the roof...and the seller would opt not to repair are out of the contract. If you agreed to pay $100,000 and the appraiser for your lender determined the house was only worth $90,000 and the seller would not lower the price, you are out of the contract. There are other situations as set percentages apply to the purchase...the only place in real estate that any percentages apply unless specified elsewhere in a contract are regarding the amount required for a mortgage. Go thru whatever channels of purchase the estate has established...a realtor or an attorney.  Good luck !

Real Estate: Wisconsin

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Sally K. & David L. Hanson, ABR, CDPE, e-Pro


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