Oftentimes, people associate the probate process with stress and difficulty, especially when real estate is involved. However, the reality is that selling a home left behind by a loved one in a probate process does not have to be a high-intensity process. With the right information and careful planning, you can navigate this process with as little stress as possible; learn how.
Confirm Legal Authority
A mistake that can come along with all sorts of consequences is attempting to sell a property that you do not have the legal authority to sell. When the estate of the deceased ends up in probate, the court designates an executor, which is essentially the manager or person in charge of the estate.
Typically, only this person has the legal authority to administer the sale of the property. This statement is true even if the profits from the sale will be passed along to someone other than the executor. It is necessary to confirm who has this authority before the selling process can legally move forward.
Find the Right Buyer
The probate home selling process comes along with certain requirements that are not common with a traditional sale. One of the most unique of these is the open offer period. With a traditional sale, once the potential buyer pays their deposit, a contract is signed, and the property is removed from the market pending closing.
With a probate sale, even after the buyer pays the deposit, the seller can continue to show the home and take offers and decide to change buyers at any point. Not every seller will be comfortable with this process. It is best to partner with a real estate agent who can find the right buyer.
Act Quickly to Maximize Profits
Once the decision has been made to sell the property and clearance to do so has been given, it is often best to act quickly. When you wait an extended period to sell the property, several things can happen that may limit your profits.
First, the longer the probate process, the greater the legal fees that must be paid from the sale. Second, the longer the property sits unoccupied, the more repairs that need to be performed to get the home ready for the market, which can also minimize profits. The faster you act, the greater your chance to earn more.
Again, having a professional on your side makes a big difference. Be sure to partner with a real estate professional who is versed on the topic and able to help you throughout the entire process.
A real estate company, such as Maher Probate Realty, can help you sell or buy probate real estate.