The probate process is stressful. Selling a probate property on top of everything else can only add to the frustration. CORE Real Estate Properties can help you with a fair and fast sale of your probate property in North Fort Myers. Keep reading to learn on how to sell a probate property.
What Is Probate?
Probate occurs when someone dies and the heirs receive property listed in a will, and the debts of the deceased estate are paid off. If you have to deal with the probate process, it is best to deal with a probate lawyer as the process moves through the courts. They will be able to provide you with advice, help you handle debt payments, tax situations, and guide you through an often stressful process. You will need to take an inventory of the estate’s assets and locate all estate planning documents. You will want to notify all creditors and pay off any outstanding debts with money from the estate. There will also need for the income taxes filed, which include a possible inheritance tax. Depending on the situation and if there is a will present, the process can take 6 months to over two years.
Why Would A Probate House 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 know what to expect once your house has cleared the probate process.
How It Works
Even if the property was not left to an heir, the executor of the estate will be tasked with handling the sale of the home. An interested buyer must provide a deposit along with a written offer. Before the offer is approved by the courts, the court will ask if there is anyone who would like to make a higher offer for the property. Once the court approves the offer, there will be an opportunity to have the property inspected before the sale of the home is finalized. Once this process is completed, escrow will be able to close within only a couple of weeks. The proceeds of the sale will be used to pay any outstanding debts, with the remaining balances going to the heirs as outlined in the will.
Make Sure Everyone Is Onboard
If there are multiple heirs, it is important to make sure everyone are 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. In many instances, it is beneficial to sell your North Fort Myers probate property to a professional home buyer such as CORE Real Estate Properties. They will buy your North Fort Myers probate house as-is, you will pay no commission, no need for any repairs and they can close quickly. In many instances, the net amount you will receive by selling to a local home buying company for your North Fort Myers probate property can be the same or more if you fix it up and sell it on the MLS.
Do you want to learn more about how to sell a probate property in North Fort Myers? We can answer any questions you have about the process. Visit our website, https://www.sellmyhousenowusa.com/ for more information or call us at (239) 360-3176.