Selling probate property often seems like a demanding, overwhelming, and time-consuming process. Although it is partly true, preparation, knowledge, and guidance from a professional can make the procedure manageable.
Having said that, this article will walk you through the steps involved in selling a probate property. And that includes obtaining court authorization, determining the value of the property, as well as how to prepare a property for sale.
So, whether you are working with a professional or handling the sale on your own, we will provide you with the information you need to successfully sell a probate property.
Let’s start!
What Is Probate Property?
Typically refers to a real estate property, a probate property is an asset/s left by a deceased person. All assets such as stocks, real estate, cars, and even jewelry are subject to a legal procedure called “probate.” It is a legal process wherein all assets are managed by an executor—a person appointed by the court—and must be fulfilled whether the decedent has left a will or not.
If the deceased person had a will, the probate process will follow the instructions specified in the will. If there is no will, the probate court will determine how the assets will be distributed.
How to Sell a Probate Property?
Selling probate property is a time-consuming and demanding process. Thus, it would be wise to seek assistance from professionals such as real estate agents and a lawyer to make sure that the process goes smoothly.
That said, below is a step-by-step procedure on how to successfully sell a probate property.
Important Terms You Should Know
Before we proceed, it is important that you at least know the basic terms lawyers and professional real estate agents and investors use to better understand the process.
- Decedent. The deceased owner of the property or estate.
- Beneficiary. The heir or the person who will inherit the decedent’s possessions.
- Will. A court-recognized document containing instructions concerning the deceased person’s possessions.
- Testate. An estate owner who died without leaving a will.
- Executor. A court-appointed person who will handle all things concerning the probate process, including the distribution, and selling of properties.
- Probate. A legal procedure that must be fulfilled in order to transfer or sell the decedent’s possessions.
- Intestate Succession. The order of people who will inherit the deceased person’s assets in case the person did not leave any will. The succession will be determined by the probate court.
A Step-by-step Guide on How to Sell Probate Property
Check the Estate’s Status
The very first step to selling a probate property is to check its status. Legally, any assets, including real estate, that are going through a probate process are still under the decedent’s name. And the ownership rights can only be transferred once the procedure is completed.
Thus, even if you are the beneficiary according to the will, you are not legally allowed to sell any property that is still going through the probate process.
On the other hand, if you are determined to sell the property due to, say, financial reasons, the probate court will allow you as long as you have all the authorizations needed. Gathering authorizations typically requires the appointment of an executor or administrator to manage the sale of the property.
Set a Selling Price
Once you have completed either of the two steps above, the next thing you should do is set a price. And it is best to determine the value of a property through a professional real estate appraiser.
By hiring a real estate appraiser, you will get an objective estimate of how much you should sell the house you inherited. Appraisers usually provide a detailed report concerning your property’s market value and factors that can affect the price of your house.
In addition, some reports also include an analysis of the house’s overall condition, which can help you make decisions on what needs to be repaired and/or upgraded.
Consider Repairs and Upgrades
After that, consider making some repairs and simple upgrades, particularly if the house you inherited looks worn and old. Homebuyers tend to opt for properties that look new knowing it is secondhand.
That said, you must conduct a thorough assessment of the house first before you start doing some repairs and renovations. It will help you determine what needs to be repaired and what needs to be improved.
Simply make a list and label the most important to least important.
Decide How You Want to Sell It
- Hire a real estate agent. If you are too busy to complete all the process that comes with a probate property, then hiring a real estate agent to sell it would be your best option. Some of the things a real estate agent can help you with are property marketing, negotiation, and closing process.
They have the knowledge, experience, and resources to help you sell your house fast and at a good price. From staging to other aspects that may increase the value of your home, real estate agents can guide you through the process effectively.
The only drawback is that they charge a commission based on the sale price of the property. You will lose a small chunk of the profit, but it is still worth it if compared to when you list your property.
- Sell it as-is to a real estate investor. If you want to skip all the hassle and expenses of selling a house after the divorce, then consider selling it to a real estate investor instead. Real estate investors such as Get Your Fair Offer typically buy properties as-is and in cash, making the sale transaction much easier and faster.
Selling your house to a real estate investor is also the best choice if you do not have the budget to make repairs and a few upgrades. It saves you money from providing the commission that you are required to give to a real estate agent if they successfully sold your house.
Aside from those, some real estate investors also provide flexible payment systems. The process is much faster too compared to traditional homebuyers.
In essence, selling it to a real estate investor is wiser rather than publicly listing your property in the market.
Conclusion
Selling a probate property is indeed a tough and complicated process. If you want a fast, hassle-free, and reliable way to profit off of your property, then contact Get Your Fair Offer now and consider your house sold!
Get Your Fair Offer is one of Houston’s trustworthy real estate investors. We guarantee to give you the best and fair price offer only, which your property deserves.
Reach out to us now and get a REAL offer! Call us at 281-709-2999.
