Probate values a property based on open market value and doesn't consider the appeal of the area, or a premium that might be payable on that particular property.
As a buyer, you can purchase a home through probate at a very low price, which is often a preferred option for beneficiaries who want to turn their inheritance into cash.
Estate agents manage most probate properties, although sellers can negotiate this as a private transaction. There is, however, a longer completion process, which means a mortgage on a property bought from probate might need to run for a slightly more extended period, or you may need a longer mortgage offer period to give you enough time.
Beneficiaries may sell a probate property for any number of reasons - they might not wish to keep the family home, cannot afford the mortgage, or want to realise cash against their inheritance.
There is also an option called an 'emergency grant of probate' whereby sellers are allowed to list a property for sale after around two weeks.