Are you the new owner or executor of a house in probate?
If you don’t intend on keeping it and want to sell it, your options might seem complicated.
However, selling a house in probate is not so difficult once you understand what it entails. Read on to learn more.
What Happens During Probate?
Probate refers to is a process supervised by the court that ensures the last will of the deceased follows through.
The process usually determines the value of the assets, ensures all the bills and taxes are paid, and the rest of the estate gets distributed to the remaining family members.
Appoint an Administrator or Executors
If after the death of the estate owner there is a will and someone if left the property in question, then this person will have rights to sell the property.
However, if no one is appointed by the deceased, the probate court might appoint someone to be the administrator of the estate. The person appointed is usually a descendant of the deceased.
The tax responsibilities of the executor vary state by state.
Get the Property Appraised
If the property of the deceased hasn’t be willed to any of the family members, the executor of the estate might resort to selling it and distributing the money among the other family members.
If you’re selling a house in probate, the first step is to get it appraised. You have many options when choosing an appraiser. You can either get one online, through your real estate agent, or by referral.
Consult A Probate Real Estate Agent
When you’re in the process of selling a house in probate, the chances are, as an estate executor, you’re paying to maintain the house. It’s in your best interest to sell the house fast.
You must get a probate real estate agent for faster results. Probate real estate agents are not your typical agent. They’re familiar with the process of selling houses in probate.
Make sure when you meet with potential agents you ask the right questions. Ask them how long they have been selling probate real estate, and how they plan to market the house.
Sell The Property
Once you find a seller you can go through with the sale. Laws vary from state to state, but typically the buyer has to have a 10% deposit ready with the offer.
The offer is mailed to all of the heirs of the estate with the full terms of the sale. Then they will have about 15 days to review and object if they wish.
If no objections take place, the sale can proceed to a court hearing where the judge will finalize the sale.
Need Help Selling A House in Probate?
Selling a house in probate is simple once you have the right information and know what to expect.