How To Sell A Probate Property Lehigh Acres
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 Lehigh Acres!
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 Lehigh Acres. Keep reading to learn more about our best tips for selling quickly.
What Is Probate?
Probate is the legal process that occurs when someone passes away, where heirs receive property listed in a will and the debts of the deceased estate are settled. Dealing with the probate process can be complex and stressful, which is why it’s advisable to enlist the expertise of a probate attorney as the process unfolds in court. They can offer invaluable advice, assist with debt payments and tax matters, and provide guidance throughout the proceedings. As part of the process, it’s essential to take an inventory of the estate’s assets and locate all estate planning documents. Additionally, notifying creditors and settling outstanding debts using estate funds is necessary. Income taxes, including potential inheritance tax, also need to be filed. The duration of the probate process can vary significantly, ranging from six months to over two years, depending on the circumstances and whether there is a will present.
Why Would A Probate Home Need To Be Sold?
When an individual passes away, outstanding expenses or ongoing financial obligations like mortgage payments may exceed the estate’s income. In such cases, the executor may need to sell the property to prevent foreclosure. If the court doesn’t mandate the sale of the house, you’ll have to wait until the probate process concludes before attempting to sell it. Nonetheless, you can prepare in advance by discussing the property details with one of our team members. We can offer you a tentative offer, giving you an idea of what to anticipate once your house has passed through probate.
How It Works
Even if the property wasn’t designated to an heir, the executor of the estate is responsible for managing the sale of the home. Prospective buyers must submit a deposit along with a written offer. Before court approval of the offer, the court will solicit higher offers if any. Following court approval, there’s an opportunity to inspect the property before finalizing the sale. Upon completion of this process, escrow can swiftly close within a couple of weeks. The sale proceeds are utilized to settle any outstanding debts, with the remaining balances distributed to heirs as specified in the will.
Make Sure Everyone Is Onboard
In cases where there are multiple heirs, ensuring everyone is in sync is crucial. Although the executor holds the authority to list and sell the property, it’s wise to secure agreement from all parties beforehand. Preventing any potential contestations or family discord surrounding the sale is paramount. It’s best to foster consensus among heirs to mitigate any possible complications or disputes down the line.