The death of a loved one can be a difficult moment for the family. However, before distributing the deceased person’s property to the rightful beneficiaries according to their will and the current law. This process is known as probate. Selling a probate property can be daunting as the process involves a lot of factors, including authenticating the will, property valuation, appointing an executor, and more.
While going through the probate process can be challenging, especially while you’re grieving a loved one, understanding the different requirements can make the process easier. You also need to hire an experienced probate real estate agent to help you navigate the entire process. Working with an agent experienced in handling probate cases can help speed up the process and ensure you get top dollar after the sale. Here are a few tips on what you need to do to sell a house during probate:
1. Authenticate the Will
The first thing to do when selling a probate property is to get the deceased person’s authenticated. Submit the will to the probate court for assessment to ensure it is authentic and valid before continuing with the probate process. Most states require will filing to be done within 30 days from the date of the demise. Moving forward with the process without first authenticating the will can lead to legal trouble. It’s crucial you understand your state or county’s probate laws to ensure you submit the will within the required timeframe.
2. Get the Property Valued
Once the will is authenticated, you need to get a professional valuation of the property. You can find a certified appraiser easily by searching online or asking your realtor for a referral. An appraiser will inspect and assess the property to determine its current value. The valuation needs to include the value of the house’s contents. Getting an accurate valuation of the property is crucial since you’ll use it to determine its asking price. However, probate courts require probate houses to be sold for at least 90% of the appraised value. You then need to submit the appraisal and petition the probate court to begin the sale of the house.
3. Pay Inheritance Tax and List the Property
You can only sell a probate property after you’ve paid any applicable inheritance taxes. So, you need to calculate and pay your inheritance dues. Then list the property on the market as a probate sale. Market the house for maximum exposure by listing on multiple listing services and advertising in the local newspaper.
Offers from interested buyers must be accompanied by a 10% deposit and are subject to the court’s approval to finalize the sale. Once the court confirms the final buyer, you can then complete the house sale.
Selling a house during probate isn’t difficult when you understand the different requirements. Following the above tips and hiring a reliable and experienced probate real estate agent can help make the entire probate process easier and faster. This can ensure you sell your house faster and avoid unnecessary expenses from the bills and maintenance costs.