Probate House Sale

Probate house sale is the sale of a house either following the death of the owner, or where the owner is deemed to have died intestate and where there is no will.

The main changes that occur when a house is probated are:

* The ownership of the house passes from the deceased owner to a person or persons named in the will.

* If there is no will, the ownership of the property passes to the executor of the estate.

* The new owner takes control of all legal paperwork regarding the property.

* The Executor administers the estate of the person who has died, collecting any outstanding debts and assets, paying off creditors and distributing any remaining assets as set out in the Will.

The Probate house sales are normally only available to family members and people with an interest in the property. In some cases however those interested in buying a house may still be able to purchase it post probate.

Probate has its own set of rules and deadlines. When someone dies, their assets (including their home) must pass through the probate process in order to transfer title to a new owner. If the house is not sold by the appointed lawyer or representative, it’s sold by the court as part of the probate administration process. Selling a probate property takes a bit longer than your average sale, but often at a higher price. Probate homes must be listed for 90 days before the property can be sold. That means it can take at least three months after probate is granted to get an offer accepted on the property. Once you have a contract from an interested buyer, you’ll need to wait for the county to approve it and issue a certificate of sale.

There are many benefits of buying a probate house. 

First is that you can get a property at a discount since there is an urgency to sell the house. These are mostly sold by executors or sellers who intend to get rid of the property as soon as possible. Holding onto a vacant property costs additional expenses such as property tax and basic maintenance charges. Therefore, the seller waits for a reasonable bid so that he can get rid of the property.

Secondly, you can get immediate possession as the probate house has no existing owners. The legal process of transfer can be done quickly.

The real estate investments are high yielding so investing in a probate house can be a good move, especially if you are able to buy it at a price lesser than the market value.

A house sale or purchase can be an emotional time for the whole family, including the executor or selling agent. The estate agency involved in selling a probate house needs to be trustworthy and sensitive to the needs of the executor, family and relatives. Selling a probate house requires a lot of work and patience. However, the truth of the matter is that you will be able to move on from all the hassles and complications that this type of sale can bring. You will have to make sure that the house is ready for sale. This means that you have to do basic repairs and maintenance so that it can look presentable to potential buyers. We at www.sellmyhouseinfo.com  have years of estate agency experience in the United States and we understand that buying or selling a home can take more than just a day and often involves high emotions.

So if you would like professional help and advice at any stage of the process, please contact us today.