First Things First
If you’re asking the question what is a probate sale, you could be wondering for different reasons. For instance, you could be thinking of buying a home that’s from a probate sale, or you could be seeing if you can sell a house before it goes through a probate sale. Or you could be an heir in the death of a loved one who has to wait for a probate sale, and you’re curious. In any event, let’s first go over what probate itself consists of. According to Wikipedia, probate is “the judicial process whereby a will is ‘proved’ in a court of law and accepted as a valid public document that is the true last testament of the deceased, or whereby the estate is settled according to the laws of intestacy in the state of residence [or real property] of the deceased at time of death, in the absence of a legal will.”
Granting Of Probate
The granting of probate, after a person dies, is the first step towards administering their estate. It involves both resolving a person’s debts as well as distributing their assets among the heirs. This will happen according to either a will that has been accepted as a valid document by the courts, or according to the intestate laws of the state the person was a resident of, if no will exists. Probate is granted to the executor of the will, who is also appointed at that time, who can then legally begin disposing of the deceased person’s estate, according to the will. The will can still be contested throughout the probate process, which delays an already lengthy period, in most cases.
A Probate Sale
So what is a probate sale? Again according to Wikipedia; “a probate sale is the process executed at a county court where the executor for the estate of a deceased person sells property from the estate (typically real estate) in order to divide the property among the beneficiaries.” This is the basic definition, but there is a lot left out. A probate sale is a lot longer than a normal sale, because the courts are the seller, basically, and they have specific stipulations in place. Every state is a little bit different, but typically there will be an independent appraisal done, and a realtor is often hired who suggests a listing price. Between the two, the house is listed at a fair price and is marketed and shown like any other house. Here’s where things get a little complicated.
Attempting To Buy The House
To try and buy the house, however, the process is totally different. First you make an offer, but the offer must be accompanied by a 10% deposit, and the estate representative will then either accept it or counter it, just like any other sale. Once an agreement has been reached, however, it must be confirmed by the courts. The personal representative petitions the court and a Notice of Sale date is published with a date set for the sale. This is usually 30-45 days ahead, during which time anyone can come in and bid a higher amount. The court in the end either confirms the original sale or the sale to the highest bidder. Any heir can also always object to the sale, in which case the agreement is terminated. As you can see, a lot of things can go wrong during this kind of sale, and most real estate agents advise against it.
Selling A House In Probate
If you are the executor or personal representative of the estate, you can sell a house during the probate process, as long as certain steps are followed. Once the personal representative is appointed by the court and a notice of the probate is published, a notice to creditors period of 4 months begins. During this time, the personal representative can legally sell the house as long as all the beneficiaries are in agreement and you obtain court approval to do so. This is an option that speeds up an otherwise lengthy process for any beneficiaries, who can then receive their share of the funds soon after the 4 month period is over. This is where utilizing the services of a cash home buyer like Sellyourhousefastlv can be advantageous. They are experienced in all aspects of this type of sale, and can legally help you through the process as well. Plus they charge no fees or commissions, and often can offer a better solution.
Other Important Facts
There are often legal loopholes and things you can do to avoid a full length probate case. Sometimes you can avoid probate altogether, so it’s important to discuss your case with an attorney who specializes in estate planning or a place who works with these attorneys every day. There are also things you must do in order for the process to be legal, so you can’t get in any trouble later. For instance, when selling a house in probate, you must get the property appraised by a licensed real estate appraiser to establish a date of death value, for the court documents, and before getting the legal permission from the courts to sell it. Or in some cases, what’s called a “short sale” may be a preferred way to go.
Advantages To Using A Cash Home Buyer
If you’re involved in a probate case and interested in selling the home, you can contact a cash home buyer like Sellyourhousefastlv to help you through the process. They have integrity and are people you can trust, who are knowledgeable and work with these types of situations every day. They can help you with the ins and outs of the legal system during this difficult procedure, and you’re not obligated to accept their offer. But if you or the heirs need money fast, this is often the quickest and best option, especially in these cases. They will buy the house “as-is”, so there is no need to worry about repairs or extensive cleaning for anyone involved. Get the help you need with no fees or commissions with Sellyourhousefastlv, today. Check out our probate services here.
