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How to Sell a Probate Property in North Fort Myers

How To Sell A Probate Property in North Fort Myers

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 North Fort Myers!

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 North Fort Myers. Keep reading to learn more about our best tips for selling quickly.

What Is Probate?

Probate is triggered upon an individual’s passing, wherein heirs receive property stipulated in a will, and the deceased’s estate debts are settled. Engaging a probate attorney is advisable as the process progresses through the courts. They offer invaluable advice, assist in managing debt payments and tax matters, and navigate the often daunting process. Essential steps include taking an inventory of the estate’s assets and locating all estate planning documents. It’s crucial to notify all creditors and settle outstanding debts using estate funds. Additionally, income taxes, including potential inheritance tax, must be filed. The duration of the process varies depending 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 bequeathed to an heir, the executor of the estate is responsible for overseeing the sale of the home. Prospective buyers are required to provide a deposit along with a written offer. Before court approval of the offer, the court will inquire if there are any higher offers. Once the court approves the offer, there’s an opportunity to inspect the property before finalizing the sale. After this process, escrow can close within a couple of weeks. The proceeds from the sale are used to settle any outstanding debts, with the 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.

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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