After facing the loss of a loved one who didn’t have a will or investments protecting against the process altogether. To sell a probate property can mean long drawn out proceedings, especially with larger estates.
It can be costly to go through, so avoid making the mistake of skipping any of the legal requirements which can further tie up your property. You’ll need to be patient as the assets of the deceased are analyzed and the rightful inheritors of the estate are determined. Executors may need to liquidate the real estate, leading to the probate court distributing the funds evenly among those beneficiaries.
Should you find yourself in this position, read on for information on how to sell a probate property in .
Certain aspects of this real estate law are common among all jurisdictions, for a valid sale, you’ll want to ensure you’ve rigorously followed all of the legalities for selling your probate property in .
How To Sell a Probate Property in
Certified Appraiser
Your first step will be to locate an independent certified appraiser. You can either reach out through phone listings or word of mouth among probate property real estate professionals in .
Petition
Once you’ve obtained your certified appraisal, you’ll next want to proceed by filing a petition with the court to sell the probate property in . While filling out your petition, be certain the information includes any pertinent information about the property along with the method that will be used to complete the sale, be it at an auction or on the open real estate market. Submit your petition along with your certified appraisal. Once you’ve obtained the court’s approval, you may then proceed with the sale.
Offer the Property
For sale, with conditions! Now that you can finally take action and sell your probate property in , you’ll want to make certain to disclose to your potential buyer that the court’s confirmation of the transaction is required before you can accept, making the offer conditional.
Court Confirmation
Commonly, once you’ve petitioned the court for a hearing to confirm your sale, you can expect delays on the court calendars ranging from between 20 to 40 days, from the filing date.
Deposit
Plan to collect a 10 percent deposit from the buyer at this time, which is based on the purchase price.
Advertise
Because the ultimate goal of the sale of a probate property in is to garner the highest amount possible for the estate, you must advertise your court hearing to the general public for a process known as open bidding. This allows any additional interested parties to participate in the purchase of the real estate, aiding in raising the final purchase price.
Court Hearing
Next, you will go to the court hearing and wait for the bidding to finish. A cashier’s check will be used for the final amount. Your buyer can join the auction, along with anyone else from the public, and bids will go up in $500 increments.
Refunding the Deposit
If someone else bids higher than your buyer during the court session, you will need to return their 10 percent deposit. However, if your original buyer has the highest bid, the money you collected from them will go towards the purchase.
Closing
At last, you can finalize the contract for your probate property in . Make sure the property costs are fully covered by the financing. You will also need to deposit the total amount into the estate fund.
We’re here to assist you during this difficult time and make the process easy. Send us a message to sell a probate property in .