Owning a property that is stuck in the courts can be frustrating and overwhelming as well. One way or another, all your hard work, should pay-off. We will let you learn what is probate and how to sell a probate property in this latest blog post!
Stressful, daunting, and emotional. These are the things you will feel in dealing with probate. And selling a property on top of everything can be very frustrating. At Candid Property Solutions we can definitely help you with a fair, easy, and fast sale of your house. Keep reading this blog to learn more about our best tips for selling quickly.
Sell a Probate Property – What Is Probate?
Probate happens when someone dies and heirs get assets listed in the last will and the debts of the deceased estates are paid off. It is best to reach out to a probate attorney if you’re dealing with a probate process because there is a possibility that the process will go through the courts. The attorney should be able to give you professional advice, assist you in handling debt payments, tax dilemmas, and they should also be able to guide you through this stressful process. You will have to do an inventory of the estate assets and find all estate planning documentation. You will have to let all the creditors know and pay off any outstanding debts with the money from the estates. Also, you will have to file income taxes including inheritance tax. If there is a will present, these could take 6 months up to 2 nagging years, depending on the situation.
Why Do You Need to Sell a Probate Property?
When a person dies and he left outstanding expenses owed or if there are ongoing expenses like mortgage payments, the estate may not have enough income to pay off these debts. The executor of the estate won’t have any choice but to sell the property so that they can avoid foreclosure. You will need to wait right until the probate process is done before you can attempt to sell the house if the property is not required to be sold by the court. You can also plan ahead by talking to us and letting us know about the property basics. We will provide a tentative offer, so you have an idea of what you can expect once your house is not under the probate process anymore.
How It Works
The executor will still be tasked to handle the sale of the home even if the property was not left to an heir. A buyer should be able to give out a deposit and a written offer. The court will ask if there is someone who would like to make a higher offer for the property before the initial buyers offer is approved by the courts. Escrow should be able to close just within a couple of weeks when this process is done. The proceeds of the sale should be used to pay off any outstanding debts, and the remaining balances should go to the heirs as stated in the will.
Make Sure Everyone Is Onboard
Make sure that everyone is right on the same page if there are multiple heirs. It is important to get everybody in agreement even if the executor has the authority to list and then sell the property. You wouldn’t want anyone to contest the process and create a huge problem. Avoid family feud.