Making a probate sale can be an exhausting ordeal. It’s not easy and can put a lot of pressure on the family. But with the right information and awareness, we can help you make it much easier.
Probate properties are sets of assets and properties previously owned by a deceased person. Probate comprises properties that will finally be shared by a will and those left without a will. These properties go through the probate procedure before being allocated to loved ones or sold.
However, not all deceased property goes through the legal process in probate, as assets assigned to a successor go directly to them outside the probate procedure.
Are you wondering if there are other ways to avoid going through the process?
Can you sell your house in Probate?
Fortunately, Yes! Here’s how.
How Can I Sell My House in Probate?
It’s essential to be aware that selling probate property can be strenuous and time-consuming, but you can take steps to make it quick and successful. There are various ways to streamline selling a probate property.
Hire a Competent Team
Locate an experienced attorney and estate agent. The attorney will guide you through the probate process, prepare the documents, and appear for you in probate court. The attorney can also assist with the sale of the property.
A veteran real estate agent can be the hero of the hour when appraisers and inspectors need to be hired. They also offer advice and support during the property sale process and will aim to market your property to the highest quality and buyer.
It’s key to get a valuation of the property to determine its worth. Appraisals help set a reasonable price for the property according to its market value and can be used in your probate application.
There are vital factors used to value your home, including the number of bedrooms, bathrooms, garage spaces, property state, neighborhood condition, lot sizes, and views.
File a Petition with the Court to Sell the House
This is a step-by-step process. First, file a petition to seek permission to sell probate property. Your attorney will petition the probate court to sell the house, and the intention filed must comprise the home appraisal and the means chosen to sell the property. Instances are auctions or market sales.
After receiving the court’s approval, you can now put the house up for sale.
List the House and Close on the Sale
After the approval from the court, the attorney is the only one approved to sign real-estate sale documents in place of the deceased. After that, the home can be listed for sale and marketed for publicity by your real estate agent.
A buyer purchasing the house has to deposit 10% of the offer, which the sellers could decline. The offer is based on the court’s authorization, and the seller is not obligated to the buyer despite the offer being accepted. However, all the parties involved must agree to carry out the sale.
What’s The Difference Between Probate and Non-Probate Property?
Probate assets go through probate procedures, including assets solely owned by the deceased. They become part of the public record because of their process, which can take weeks to months to complete. Probate assets consist of the following:
- Real estate property owned exclusively in the deceased name or as a tenant in common with another individual
- Personal belongings including household items, jewelries, vehicles, furniture, and other collections
- Bank accounts solely owned by the deceased
- Life insurance policy or brokerage account that names the deceased estate as the only beneficiary
Non-probate assets are not listed with the probate court and, therefore, not part of the probate procedure. The named beneficiary will legally own these properties, as they’re private and don’t need the involvement of a probate court. The non-probate property includes:
- Retirement accounts
- Investment accounts comprising annuities or allowances
- Assets owned by a trust
- Life insurance accounts that name someone else other than the deceased as beneficiary
- Property held as a tenant by the entirety or in a joint tenancy
Does It Take Longer to Sell a Probate House?
The probate procedure takes weeks or months after applying to get the Grant of Probate. Throughout this period, the probate house can be put on sale. You have to get your Grant of Probate before any house sale is completed.
Although each state has its probate timeline, it takes about 2-3 months to get a probate grant in Tennessee.
Common Mistakes Made Before Selling a Probate Property
Selling probate property is different from a traditional home sale. The whole point of probate is to counter fraud after a person dies. Probate sales also include specific rules, deadlines, and timelines. If you don’t know how to sell a probate house, It is advisable to familiarize yourself with the processes to avoid these mistakes, complications, and setbacks.
Selling Probate Property Without Authority
If you’re named heir or executor on the deceased will, it doesn’t imply you have any legal power to list the house for sale. You can’t act with the deceased property until the judge formally allows you to attend to the properties.
So, list your probate house with proper administration and guidance, or you may find yourself in a legal mess that will cost you time and money.
Delaying a Probate Sale
It’s necessary to start your probate sale on time and keep the house occupied, as delays could cost you some good money. If disagreements start to hold up the probate sale process, talk to your lawyer and involve the probate court to make a decision.
There are things you can do to ensure a timely procedure. Ensure you keep the homeowner’s insurance policy on the deceased’s house before it is put on sale or ownership is formally assigned to the new buyer.
Failure to Assign a Caretaker
It’s best to designate a caretaker sooner rather than later, especially if you’re not living close to the house or in that area. You could elect yourself as the caretaker, family members or a neighbor. A probate property needs good management, so the caretaker will ensure the property is well kept and protected from negligent damage.
With proper care, you may avoid fines for expensive repairs or selling the house for less. It requires some effort, but it has to be done.
Alternatively, you can sell to cash home buyers like My Tennessee Home Solution quickly and easily.
Mismanaging Real Estate Disclosures
Real estate disclosure laws establish rules for what you must tell a home buyer before they purchase the home. If you mishandle this, you might face a lawsuit or find yourself in legal trouble.
On a usual home sale, disclosures are complicated and, in many cases, best handled by an attorney or a veteran real estate agent. Still, when it comes to a probate house, it can get more complex than expected. So always turn to your attorney or experienced real estate agent for any disclosure questions or advice.
Hiring an Unqualified Agent
Hiring an experienced and qualified real estate agent is crucial when selling a probate house. Selling a traditional home differs from selling a probate house. A knowledgeable probate agent can help you through several situations.
These real estate agents are enlightened and familiar with the details, the mandatory paperwork and contracts, and the seller’s disclosure necessities.
Although probate has its difficulties, if you’re equipped with the right information, you can steer clear of problems that may cost time and money.
So, How Can You Sell a Probate House?
Every day families are in despair after losing a loved one. In these times and overwhelming situations, one might not be in the best state of mind to deal with such affairs. A smooth and swift sale can help you.
At My Tennessee Home Solution, our friendly Veteran Team is eager to take the stress out of the prolonged and strenuous process. We’ve done more than 100 dealings in less than two years. My Tennessee Home Solution provides above-and-beyond solutions to empowered homeowners through a transparent and easy home-selling process.
Our probate realtors are here to help you scale through the tedious selling process so it goes seamlessly and smoothly.
Sell your home effortlessly without costly repairs, waste removal, or cleaning;
You might face bumps along the road, like financial issues, unfinished construction, or major storm or fire damage repairs. With My Tennessee Home Solution, the experts will guide and assist you from start to finish..You don’t have to bother renovating, cleaning, or spending more money on your property.
Sell your home, regardless of the situation or condition.
Our team cares deeply about the relationship we establish with our clients. We follow a step-by-step guide to help our clients advance through any trouble or possible mistakes they might fall for.
Our Sales Process
- Get in touch – Submit the online form or call us
- We’ll make a brief visit to the site
- We’ll make a fair, no-obligation offer in writing
- You pick the closing date and receive cash in hand.
Get in touch with our team of expert buyers today to see how we can help you sell your probate house.
CONTACT US TODAY!
Frequently Asked Questions
You might have lots of questions in mind about how probate houses work. Here are answers to some common questions.
What is Joint Tenancy with Rights of Survivorship?
It is an ownership structure involving two or more people with equal rights and portions of the decedent or estate’s assets.
What is a Probate House?
A probate house is a home left by a decedent, usually in a will that determines what happens to the property. It’s important to grasp the process fully and understand how it impacts selling a probate house.
How Can I Avoid Probate?
It’s a lot easier than you think. All you have to do is write a living trust, name beneficiaries on your retirement, and bank or hold assets jointly.
Probate homes can be a hassle to sell, but it is an easy process with the right team. Talk to us now and we’ll help you sell that burdensome property.
We guarantee fair value, reliability, and professionalism.
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