How To Sell A Probate Property in Estero
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 Estero!
Navigating the probate process 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 fair and expedited sale of your probate property in Estero. Keep reading to discover our top strategies for achieving a swift sale.
What Is Probate?
Probate is initiated upon an individual’s demise, wherein heirs inherit property designated in a will while settling the deceased estate’s debts. Engaging a probate attorney is advisable as the process unfolds in court. They offer invaluable guidance on debt settlements, tax matters, and navigating the often complex probate journey. Key steps include compiling an inventory of estate assets and locating pertinent estate planning documents. Notifying creditors and settling outstanding debts with estate funds is essential. Additionally, income tax filings, potentially involving inheritance tax, must be addressed. The duration of the process varies based on circumstances and the presence of a will, ranging from six months 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 It Works
Even if the property wasn’t designated to an heir, the executor of the estate 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 there are any higher offers. Following court approval, there’s an opportunity for property inspection before finalizing the sale. Once this process is completed, escrow can swiftly close within a couple of weeks. The proceeds from the sale are allocated to settle any 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.