How To Sell A Probate Property in Bonita Springs
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 Bonita Springs!
Navigating the probate journey can be overwhelming, and adding the task of selling a house only compounds the stress. At Core Real Estate Properties, we specialize in easing this burden by facilitating a swift and equitable sale of your probate property in Bonita Springs. Continue reading to discover our top strategies for expediting the selling process.
What Is Probate?
Probate arises following the passing of an individual, where heirs inherit property designated in a will and the deceased’s estate debts are settled. Engaging a probate attorney is highly advisable during this legal procedure, which unfolds within the courts. These professionals offer valuable counsel, aiding in debt settlements, tax matters, and navigating the often intricate path of probate. Essential steps include compiling an inventory of estate assets and locating pertinent estate planning documents. Notification of creditors and settling outstanding debts using estate funds is imperative. Additionally, income tax filings, potentially encompassing inheritance tax, must be addressed. The duration of the process varies depending on circumstances and the presence of a will, spanning from six months to beyond 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. We have local attorneys that we work with in Bonita Springs who can help you with the Probate Process so that you can sell the probate property faster.
How It Works
If the property isn’t bequeathed to an heir, the estate executor assumes responsibility for its sale. Prospective buyers are required to submit a deposit along with a written offer. Prior to court approval of the offer, the court will inquire if any parties wish to make a higher bid for the property. Following court approval, there’s an opportunity for property inspection before finalizing the sale. Subsequently, escrow can swiftly close within a few weeks. Sale proceeds are allocated to settle outstanding debts, with any remaining balances distributed to heirs as specified 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.