Can You Sell a House in Probate?
A probate sale is a good option for people who would like to purchase a budget-friendly house. The reality is houses in probate are usually priced below the market value. On the other hand, buying a probate property can be very stressful.
It may take a buyer some time to purchase a house in probate. That means that if a buyer would like to purchase a home quickly, then it would be better for you to buy a property in the traditional way. However, those buyers who want to make a great deal and save a lot of money should be interested in buying a house in probate.
If you are interested in selling a house in probate, then you’ll definitely need to familiarize yourself with a probate sale. In this blog, we’ll give you some insights into the process of selling a property in probate. First of all, we’ll provide you with the definition of a probate sale. Also, we’ll explain to you how a probate sale works. Above all, we’ll share some tips to help you sell a house in probate fast and easy.
What is a Probate Sale?
Let’s assume that a homeowner passed away. If he/she didn’t bequeath the house to an heir, then an estate attorney will be responsible for selling a house. After a probate home is sold, family members will receive money from a sale of a probate house.
It’s worth noting that a probate sale can be very beneficial for a home buyer. In fact, a probate sale gives home buyers an exciting opportunity to make a great deal. In reality, houses in probate are available at cheap prices. That means that if a buyer takes advantage of a probate sale then he/she will be able to purchase a home on cheap.
How Does a Probate Sale Work?
As it was mentioned above, the job of an estate attorney is to sell a house in probate. Actually, an estate attorney becomes an estate owner for a period of time when a house in probate is sold. It’s important to know that estate attorneys don’t sell properties on their own. They usually choose to hire a realtor who will do the work of an estate representative. A real estate agent is responsible for advertising property and finding a buyer.
You need to know that probate homes are usually sold “as is”. In other words, estate owners don’t spend their time and money to get repairs and renovation works done. So, a buyer who wants to purchase a house in probate must be very careful. Obviously, it would be better for a buyer to get a home inspection prior to purchasing a property in probate. If you get a home inspection done, you’ll be able to ensure that a probate house doesn’t have serious problems. Getting a home inspection is something that helps buyers avoid purchasing properties with water damage, foundation problems, structural damage and other types of problems.
Let’s assume that a buyer is interested in purchasing a property in probate. In this case, he/she has to make an offer and deposit 10% of home’s price. Plus, a buyer has to make a down payment. If a deal is done, a deposit will be added to a buyer’s down payment.
Once a buyer is found, an estate attorney has to petition the court. If a probate sale is approved by the court a buyer will have the right to purchase a house in probate. It may take 30 – 45 days for a buyer to wait until the court either approves or declines a probate sale.
It’s important to note that buying a house in probate has many other drawbacks. Keep in mind a buyer has to pay probate and administrative fees if he/she wins the right to purchase a house in probate. A buyer also has to pay taxes. In addition, a buyer may be required to pay funeral expenses. You should also know that someone can outbid your offer before a court approves a probate sale. While a house in probate is not sold, a judge may also consider other bids. A buyer who makes the highest bid will win the right to purchase a house in probate. If a new buyer overbids your offer, then you’ll get your 10% deposit back.
Tips for Selling a House in Probate
Actually, you shouldn’t wait until an estate attorney sells your property in probate. You should definitely do your best to sell your house in probate on your own. Bear in mind that you’ll be able to sell a property in probate fast and easy if you find a buyer by yourself. However, the most important thing is that you’ll get an opportunity to sell your house in probate at much higher price. Bellow, you’ll be able to find tips for selling a house in probate.
– Do everything you can to find a buyer for your probate home.
– Once you’ve found a buyer and accepted your offer, you need to obtain a petition from the court.
– Now, it’s time for you to file a petition and wait for a court’s decision. A probate sale can be either approved or declined by a court.
– If a court chooses to approve your probate sale, then you’ll be able to make a deal and sell your property in probate to a buyer.
– It’s a great idea to sell a property in probate to a real estate investor. It’s important to point out that investors have huge experience in buying properties in probate. So, if a court approves a probate sale you’ll be able to make a deal with an investor and get cash within 7 days. If you choose to sell your house in probate to Anchored Sunshine, LLC you’ll be able to close a deal the same day.
For a confidential cash offer on your San Antonio area home, contact us today by calling (210) 693-1533 or filling out the form on this page.