Getting a home inspection
Before listing your probate property for sale, you should get it inspected by a professional home inspector. Any structural issues will turn off buyers. Getting the house inspected can help you identify issues that you will need to fix before selling it. Moreover, it will help you set the selling price for your property. It’s an investment in a deal that might get rejected by the court.
Getting a home appraisal
Getting a home appraisal when selling e probate property can help you get the most for the home. Real estate agents who specialize in evaluating properties should be certified. The National Association of Realtors’ Broker Price Opinion Certification has been phased out, but newer certifications exist, including the new Price Strategic Advisor Certification. If you’re not sure whether a real estate agent is certified, you can ask to see their credentials.
Getting a cash home buyer
If you’re considering selling your property for cash, you’ll need to decide whether to sell through a realtor or sell it directly to an investor. While a realtor can sell your property quickly and for a profit, investors may not offer you the same level of service. For example, if you’re selling a home that needs a lot of repairs, you may find yourself paying a realtor a commission for the repairs. If that’s the case, you might want to consider selling it to a cash home buyer, instead of a realtor.
Notifying the court
When selling a probate property, it is important to notify the court. Probate law allows the personal representative to sell a property to pay off debts or gain benefits. In order to do this, however, the personal representative must petition the court for full authority to sell the property. Alternatively, a personal representative can sell a property under the Independent Administration of Estate Act, which requires no court supervision.
Getting a direct buyer
Getting a direct buyer for a probate property can be as easy as sending a letter. If you have sent out letters to a deceased’s address before, the family is likely to be aware of you. Follow up with them to stay on their mind. You can even put them on a postcard campaign to keep their name and address on their mind. In either case, you can expect a response rate of approximately 20%.
Notifying the Surrogate’s Court
Notifying the Surrogate’s Court before selling a probate property is necessary in order to avoid problems later on. Regardless of your reasoning for selling a property under probate, it is important to follow the legal process as closely as possible. A real estate agent should be knowledgeable about the probate process and be able to field offers from potential buyers. The executor of the estate may need to submit the home’s sale to the court for approval, but the Surrogate’s Court will approve the deal if the offer is 5% higher than the pending one.
Getting a grant of probate
If you’re thinking about selling a probate property, you’ve probably wondered how to get a grant of probate. A probate grant is a legal document that confirms that an estate is being fully handled by its executors. It will also allow you to sell or transfer estate property based on the terms of the deceased’s will. In the absence of a will, you’ll need to get a grant of letters of administration instead. These documents have very little in common, though, so let’s discuss the differences.