As you probably know, the process of settling a deceased’s estate is referred to as probate. For most people, the thought of having to go through this experience alone and within such a short time can be overwhelming and stressful.
In addition, probate sale for real estate takes up a lot of time as an executor, who may be dealing with numerous personal and professional responsibilities. It can take anywhere from six months to a year to settle the probate.
Hence, you might want to consider selling the house before going through probate or even while settling probate. Here’s how you can sell your property:
Do Not Rush to List the House
Often, people do this to sell the house quickly without considering potential buyers or terms of sale.
However, you may end up with a buyer who does not meet your requirements, offers far lower than its appraisal price, or whose financing falls through at the last minute. It can end up causing more stress and delaying the process.
Consult Your Probate Attorney
First, it is best to consult with an estate planning attorney or probate specialist to understand what your house is worth and how long the probate process may take.
It will ensure you make a more informed and conscious decision on whether selling your house during probate is the right thing to do for you and your family.
Get Professional Help
According to Statista, US homes sold for cash increased from 17,000 in 2009 to 36,000 in 2020.
An appraiser will look at properties in the area, see what they are selling for, determine the equity you have in the home, and make an offer to purchase your house.
However, keep in mind that you want to work with someone professional and reputable.
Additionally, make sure they are qualified to do appraisals in your area, have a good track record for getting results for their clients, and are flexible in terms of payment.
Put the House on the Market
If you have determined that selling your house is right for you, then, by all means, proceed with putting it up for sale. You may want to work with an agent to help you get the best price for a probate sale for real estate.
Once an offer is made, make sure to have a lawyer review it before signing any agreements with the buyer.
In addition, if there are any contingencies in the contract, do not sign it until they are met or lifted by the prospective buyers.
Consider A Cash Sale Through a Real Estate Investor
Many reputable and reliable real estate investors buy houses for cash, often sight unseen. They will make you an offer within 24 hours of your request.
It is an excellent option if you need to sell quickly or avoid the hassle and uncertainty of a traditional sale.
To ensure that you get the most money for your house, it is essential to be patient and choose an investor who offers a fair market price.
In addition, if the house requires any repairs, this must be taken into account when establishing a final price. Furthermore, some investors may charge a fee or percentage of the total value upon closing.
You do not have to worry about any repairs, and your house will likely be sold within a month or so, perhaps even sooner.