Probate investing

I was contacted about a property in probate. He told me they would have bought it, but it needs to be sold for fair market value. I told him it doesnt, as long as both heirs agree to a price, and it covers estate expenses regarding debts. Was I right?

Fair market value is a ‘community agreement’ which typically can be confirmed with an appraisal. I believe that any parties who enter into an agreement can do what they please to accomplish their goals.

If fair market value is what is required by the probate judge, then your job would be to convince the judge of the necessary repairs, maintenance, and the like and negotiate down to your price…again when two parties agree in a contract, that would then become the fair market value for that home…and I believe that would be superior over any appraisal…in fact, a new appraisal could be done to confirm the contract price.

OK…hope this helps.