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How to Sell A Probate Property in Cape Coral

How To Sell A Probate Property in Cape Coral

October 26, 2019

If you own a property, that is stuck in the courts, it can feel frustrating and overwhelming. All of your hard work handling everything should pay off in one way or another. In our latest post, we will help you learn how to sell a probate property in Cape Coral

The probate process is stressful. Selling a house on top of everything else can only add to the frustration. At Core Real Estate Properties we can help you with a fair and fast sale of your probate property in Cape Coral. Keep reading to learn more about our best tips for selling quickly.

What Is Probate?

Probate occurs following the passing of an individual, wherein their heirs inherit property as outlined in a will, and the debts of the deceased estate are settled. To navigate the probate process effectively, it’s advisable to engage the services of a probate attorney who can provide guidance and support as the process unfolds in court. A probate attorney can offer advice, assist with debt payments and tax matters, and help alleviate the stress often associated with this process.

During probate, it’s essential to compile an inventory of the estate’s assets and locate all relevant estate planning documents. Creditors should be notified, and any outstanding debts should be settled using funds from the estate. Additionally, income taxes, including potential inheritance taxes, must be filed.

The duration of the probate process varies depending on the circumstances and whether a will is present. In some cases, probate can be completed within six months, while more complex situations may extend the process to over two years.

Why Would A Probate Home Need To Be Sold?

When a person dies and there are outstanding expenses owed or ongoing expenses such as a mortgage payment, the estate may not have enough income to pay these debts. The executor of the estate may be forced to sell the property in order to avoid foreclosure. If the house is not required to be sold by the court, you will need to wait until the probate process is completed before attempting to sell the house. However, you can plan ahead by speaking to one of our team members and giving them the property basics. We will be able to provide you with a tentative offer, so you can know what to expect once your house has cleared the probate process.  How to Sell a Probate Property in Cape Coral. Core Real Estate can help you navigate Probate process. We have local attorneys that we work with can help.

How It Works

Even if the property wasn’t specifically bequeathed to an heir, the executor of the estate assumes responsibility for managing the sale of the home. Interested buyers must submit a written offer along with a deposit. Before the offer is sanctioned by the courts, the court typically invites others to make higher offers for the property. Once the court approves the offer, there’s usually an opportunity for the property to undergo inspection before finalizing the sale.

Following completion of this process, escrow can close in as little as a couple of weeks. The proceeds from the sale are then allocated to settle any outstanding debts, with the remaining balance distributed among the heirs according to the directives outlined in the will.

Make Sure Everyone Is Onboard

If there are multiple heirs, it is important to make sure everyone is all on the same page. While the executor of the estate has the authority to list and sell the property, it is best to get everyone in agreement ahead of time. You don’t want to have anyone contest the sale or create problems within a family if you can avoid it.

Do you want to learn more about how to sell a probate property in Cape Coral? We can answer any question you have about the process. Reach out to us today for more information! (239) 360-3176

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