If you own a property, that is stuck in the courts, it can feel frustrating and overwhelming. All of your hard work handling everything should pay off in one way or another. In our latest post, we will help you learn how to sell a probate property in Rochester!
The probate process is stressful. Selling a house on top of everything else can only add to the frustration. At Brett Buys Roc Houses LLC we can help you with a fair and fast sale of your probate property in Rochester. Keep reading to learn more about our best tips for selling quickly.
What Is Probate?
Probate occurs when someone dies and heirs receive property listed in a will and the debts of the deceased estate are paid off. If you have to deal with the probate process, it is best to deal with a probate attorney as the process moves through the courts. They will be able to provide you with advice, help you handle debt payments, tax situations, and guide you through an often stressful process. You will need to take an inventory of the estate’s assets and locate all estate planning documents. You will want to notify all creditors and pay off any outstanding debts with money from the estate. There will also need to be income taxes filed, which include a possible inheritance tax. Depending on the situation and if there is a will present, the process can take 6 months to over two years.
Why Would A Probate Home Need To Be Sold?
Personal property is not subject to the claims of probate creditors. For this reason, personal property can be disposed of immediately by the executor. Personal belongings may also be removed from the house, but it must be done prior to signing any documents with a realtor.
Most types of property are considered non-probate assets and will not need to pass through probate court in order to transfer ownership. However, for various reasons (explained below), some properties do need to go through a process called “probate.” This has nothing to do with whether or not a person dies “intestate,” that is, without a valid will–the rules applying to intestate estates apply equally well when is a valid estate plan in place.
The main reason one might need to sell a probate property is because the estate did not have adequate income to pay ongoing expenses, such as mortgage payments, taxes, or insurance. If there isn’t enough cash in the estate to cover these debts, creditors may demand that the executor of the will (also called administrator) do whatever it takes–even selling off personal property–to make good on the debt . If this happens and there is no cash available from other sources, then at some point the landlord will likely require that the house be sold. A court can step in and order a sale if an agreement cannot be reached between all parties involved; however most counties do not force sales of real property owned by an individual tenant unless there are special circumstances , such as if the property is left to someone under age 18 or if there are drug-related activities on the premises.
How It Works
Even if the property was not left to an heir, the executor of the estate will be tasked with handling the sale of the home. An interested buyer must provide a deposit along with a written offer. Before the offer is approved by the courts, the court will ask if there is anyone who would like to make a higher offer for the property. Once the court approves the offer, there be an opportunity to have the property inspected before the sale of the home is finalized. Once this process is completed, escrow will be able to close within only a couple weeks. The proceeds of the sale are used to pay any outstanding debts, with the remaining balances going to the heirs as outlined in the will.
Make Sure Everyone Is Onboard
If there are multiple heirs, it is important to make sure everyone is all on the same page. While the executor of the estate has the authority to list and sell the property, it is best to get everyone in agreement ahead of time. You don’t want to have anyone contest the sale or create problems within a family if you can avoid it.