The Best Way to Make a Probate Real Estate Sale Uncomplicated
What is Probate?
Probate is the process of administering the estate of someone who has passed away. Often families find themselves dealing with probate when selling a loved one’s house. This is an unavoidable process when the decedent does not have a trust, or beneficiary designation, in place for their assets. The probate court outlines a course of actions in probate that must be followed in order to sell the probate property.
Because the probate court is involved, a probate can be a very complicated process. Additionally, if the house is located in one state and you live in a different state, matters can rapidly become more complex. You should find an experienced probate real estate agent to help you handle the sale process, as dictated by the probate court. This is particularly important if you are navigating an out-of-state home sale transaction. I am a probate real estate expert with many years of experience selling properties in probate and trust. Because I have sold countless homes in the area, I have the expertise to facilitate an otherwise challenging situation.
The exact regulations of probate vary by state; however, the following particulars of the California guidelines provide insight into the general process.
Appraisal and Petition
It is recommended that a probate appraisal referee first appraise the probate property before the executor of the estate or the estate’s beneficiary begins the sale process. The appraisal referee must be independently certified; your probate real estate expert will have recommendations on whom to hire. This process starts by filing a petition with the probate court. It is important when filing the petition that you include the sale method, for example, by auction or by a traditional market sale. You must then wait for approval from the probate courts before the sale can take place. An attorney in the area well versed in probate can help walk you through the proper paperwork to file with the court.
Listing the Property
Your probate real estate expert then places the probate property on the market. The buyers must be informed that the property is a probate sale, and the closing will take 30 to 45 days. This is due to courts’ 20-to-40 day waiting period for the confirmation of sale at the accepted price. During this time additional steps are taken to maximize the activities completed each day, such as the signing of documents and the notice of sale.
Notice of Sale
You must post a notice of sale, or essentially an ad, stating your intention to sell the probate property. In California, state law requires that this be published specifically in a newspaper of the same county as the property. The notice of sale should run three times, at least 10 days prior to the sale.
Meeting Minimum Value
Your probate real estate agent’s experience is also needed to price the house strategically. For probate sales, the property must be sold for at least 90% of it appraise value. It is key that your probate real estate agent not only thoroughly understands the fluctuations in the local market but also is an expert in probate real estate to get top dollar for the probate property.
Confirmation of Sale
Once an offer is accepted, additional steps must be taken with the Probate court to report and confirm the sale. Due to the intricacies of a probate, it is important to enlist the help of an experienced probate real estate expert, like me, Charlotte Volsch, developer of inlandempireprobatetrusthelp.com, to guide you through the process in your specific state.