Probate is the process of reassigning the property to the beneficiaries after the person dies. When a person passes away they leave their loved ones and their property behind. Sometimes a person will leave a will and in some cases they do not leave a will. If there is no will left, anything that the person said that they wanted done with their estate does not apply unless the heirs decide to honor those wishes. Those spoken wishes are not held as legal unless the person can state in a court of law that is what they wanted. It is hearsay when another repeats it in a court of law. ** What does apply is the rules of the state in which the person died.
Whatever is the situation, the property is reassigned to the heirs by the court of law, and this extensive process is known as probate. Probate is fairly simple when there is a will. If there is not a will, the rules of the apply. The court will explain those rules and what must be done to sell the property.
Sometimes a question arises, “can a house be sold while in probate ?“, and the answer is that it can be sold if simple steps are followed. The court has the final decision authorizing the timing of the sale of the house.
Can a house be sold while in probate in Floresville, Tx? Yes, but make sure to follow these steps first!
With the help of the independent certified appraiser, a property can be appraised. You can very easily look for an appraiser in the local phone book or by contacting a real estate agent for their recommendations. The court may require this. The appraiser gives a formal detailed description of the property that banks rely on for the house’s value so the court will accept this also. The appraisal should be done as close to the date of death as possible because it determines the basis of the house for possible tax purposes.
Obtain the Petition
When you are in the process of selling the property during the probate period you have to seek permission from the court. So fill out the petition form and provide all the details related to the sale of the property in Floresville along with mentioning the methods of sale.
Then with the help of the independent appraisal, fill out the form and wait for the approval from the court.
An investor only buys the property that has already completed the procedure of obtaining the petition, and they do look into the fact that the seller has gone through the process of obtaining the petition. A real estate agent should verify that also if you decide to sell on the retail market.
Place your Property for Sale
Next step is placing your property on sale. Be sure to inform the buyer about the matter that the property will be sold only after confirmation from the court as it is on probate.
All real investors only buy the property that is on sale after seeking court petition. If your property matches these conditions then a real estate investor might be able to take it off your hands quickly but normally at a lower price than retail. For a retail sale it does have to be listed in the MLS for sale with the information that it is an estate sale.
Seek the Court for Confirmation
A buyer would need to seek the court for confirmation to confirm the sale of the property. Generally, hearings take place within a period of 20 to 40 days. The court confirmation is formal recognition that the court has approved the sale of the house.
Advertise in Local Newspapers
The court will want you to inform the public about the sale and advertise it in local newspapers. This is done so that the public is informed about the property sale during probate period. It also allows open bidding for the other interested people so that the property gets the best price. So if you are seeking to buy property on probate period in Floresville, you can bid in the court hearings. We often come to know of good property on probate through the local newspapers. If the court has allowed it to be placed on MLS that fact will be noted.
Attend the Hearing
A buyer would need to attend the hearing of the court. This is the place where bids can be done if the court has decided on that process. Buyers and real estate investors come for bidding. After the final agreement is done the cashier’s check is given to court after the bid is confirmed.
After this, the estate can complete the contract with the buyer after the above-written steps. Real investors look for property that follows all the procedures and abides by the rules of the court. A retail sale would involve a title company that verifies all correct steps have been followed.
If you’re looking for an investor to buy your property in Floresville, then we can help as we work with investors.
If the court allows and you chose, you can sell on the retail market. Then your process after court approval is to hire a real estate agent with experience, preferably with retail sales and investor sales. We are experienced with both.
For more articles on inherited houses see:
**I am not a lawyer. This Website provides general information related to the legal matters designed to help but does not provide legal advice. Although we work to make sure our information is accurate and useful, we recommend you consult a lawyer if you want/need legal advice. No attorney-client or confidential relationship exists or will be formed between you and us.