Selling Houses on Probates
A probate is the process of registering to the Supreme Court the last will of a deceased individual. When a person dies, the executor of the will needs to deal and administer the estate and handle the disposal of both assets and debts. Probate is the first step in the process of administering the estate of a deceased individual. This also includes resolving claims and distributing the property to the heirs.
What Are Probates Sales?
If the property of a deceased person has no heirs attached to it, it goes through a probate to transfer the property to the name of the beneficiaries or heirs. This is especially true if the will does not specify who will inherit the property. Putting the deceased individual’s assets on probates sale will generate money that will eventually be distributed to the likely beneficiaries of the deceased person.
A probate sale can be a very intimidating procedure. During the process, the estate attorney hires a real estate agent to post the listing to sell the home. The price of the house on probate sale is usually low and this makes it attractive to many home buyers because of its budget-friendly price.
When selling a property on probate, it is important to prepare all the documents needed by the solicitor to work out the value of the estate so that you can apply for a Grant of Probate. Aside from the deceased files, also needed are the original copy of the will, death certificate, NI number of deceased, bank statements, details of debts, credit card statements, funeral expenses and many others. Collecting these documents, alone, will take a few days or weeks to complete.
Understanding the Probate Sale Process
It is good to know that a house sold in probate is sold as-is. The executors of estates usually do not have any interest in renovating the property due to various reasons such as logistics, low fund, and others.
Before setting up the house on probate, the court will appoint an executor of the will. The executor is usually the closest kin of the deceased individual and will be given the authority to list and sell the property. Sales on probates will never proceed if the executor has not been identified.
The executor establishes the price for the property depending on the appraised price set by the probate referee. Once the list price is established, the property is then listed for sale through the help of a real estate agent. It is crucial to hire a reliable real estate agent to market the property to the public.
Marketing the property involves several approaches including signage, paper advertising, posting on real estate websites, open houses, and many others to attract as many potential homebuyers as possible. The real estate agent is also responsible for scheduling appointments to show the property to parties who are interested.
Once the right bidder is found, a Notice of Proposed Action is mailed to the heirs indicating the terms of the sale. The executor will have the power to publish the sale before the estate attorney applies for a court date to execute the sale. This usually takes 30 to 45 days from the date of the application. This means that if you are one of the heirs, it is highly improbable that you can “sell my house fast” on a probate.
Do Probate Properties Sell Well?
Selling houses on probates is increasing by demand. The reason for this is that most houses sold on probate are sold at a lower price because they are sold as-is; thus, making it very attractive to house buyers who have plans of doing a fixer-upper on a property. So, do probate properties sell well? It really depends on the current condition of the house. The thing is, you cannot impose a higher price if the property on probate sale is dilapidated.
And since homes on probate sales come with very affordable prices, they often sell like pancakes. As an executor of the deceased person’s estate, this is a great idea especially if you want to “sell my house fast.” After all, you are also one of the beneficiaries, right?
The sooner you are able to dispose and sell the home, the better for everyone. Although the process of a probate sale is lengthy, it is still faster compared to selling a house in a conventional manner. Given all the necessary processes that the property has to undergo, it will take around 3 to 4 months to be able to sell the property.
Is It Possible to Renovate to Increase the Price of The House?
Since most properties on probates are sold as-is, is it possible to renovate the house before putting it up on sale not only to “sell my house fast” but also to increase its market value? Choosing to renovate the house before selling it on probate is allowed and the decision is entirely up to you. Unless the house needs serious work, it will benefit you more financially if you sell it as it is at a reduced price as the cost of maintenance might exceed the money that you gained from the repairs. If the house needs minor repairs, then go ahead.
How to Sell My House Fast and Get A Better Price?
Selling properties on probates will definitely give you lower profit but there is a way for you to “sell my house fast” and still get a better price. You can seek help from professional house buyers like SellQuickCalifornia who will buy your house immediately. With a lot of experience buying California properties, we can provide you cash for your house and even a good price for your home so that you sell my house fast on probate hassle-free.
As one of the beneficiaries of the estate, this will put you in a lot of advantages as you can generate more profit on the sale, minus all the headaches related to selling a house on probate.