Probate is the legal way of selling real estate owned by a deceased person under court supervision. As an executor of the estate, you may have to sell off the real estate if it is not directly willed to a specific beneficiary. After that, the probate court handling the estate will share the proceeds among the beneficiaries.
That said, it is safe to say that the probate property sale procedure is different from traditional home selling. Hence, you should work with experienced real estate agents, Concord, NC, to get the best experience. In this case, it is advisable that you work with Maverick Property Group, Concord, NC. We buy houses fast and in any condition.
If you are asking questions such as, “how do I sell probate property?” You should know that there are several steps you need to take. We have come up with this article to give a step-by-step guide on how to sell probate real estate and get maximum profit. Let’s explore more.
Appraise The Property And Obtain Permission To Sell The Property From The Court
Look for an independent appraiser to appraise the property you intend to sell during probate. After you have done this, you should also obtain a petition to sell the real estate from the court.
However, when you work with us at Maverick Property Group, we will give you a fair cash offer on the probate real estate and buy the property from you at a higher price without any hidden charges.
Place The Property Up For Sale
At this point, you will be required to place the property up for sale. While doing this, you should inform potential buyers that an acceptance is based on the condition of the court.
Put Out A Petition For A Court Hearing Of The Sale
When you have gotten potential buyers, you need to send a petition to the court to confirm the sale. The hearing usually takes 20 to 40 days, depending on the load on the court calendar.
Arrange For A 10% Initial Deposit From The Buyer Before The court Hearing
Since you have a buyer already, advise them to pay 10% of the selling price before the court hearing.
Advertise The Sale With The Price Offered From The Buyer With A Local Newspaper
It is not ideal that you go with one bidder. The advertisement will inform the public of the sale in order to allow for open bidding at the court hearing among other interested buyers. The reason behind this is to make sure you are selling the estate at the highest possible price.
Attend The Court Hearing And Wait For The Bidding Process To Take Place
During the court hearing, a bidding process will take place, and these bids go in $500 increments above the original buyer’s offer. All the bids are unconditional; the buyer is still allowed to bid. Furthermore, the winner must present a cashier’s check to the court for a deposit after confirming the bid. Don’t forget to refund the original bidder if another person wins the bid.
Complete The Sale
At this point, you close the sale and ensure that the finance is sufficient to cover the cost of the property. The full amount goes into the estate fund.
Work With Experienced Real Estate Agent, Concord, NC for Your Probate Sale
From the steps listed above, you can see that the probate property sale procedure can be stressful, but having an experienced real estate company with you can help simplify the process.
At Maverick Property Group, we are problem solvers. We strive to help our clients find the best solution to their complex real estate problems. We have helped many clients to sell or buy properties in probate, and yours won’t be different. Feel free to reach out to us today. We will be happy to help you.
