Selling A House In Probate In Austin
Often, people get a house in inheritance after the passing of a loved one who is usually a family member. At times, this is not the house that they live in. Since they don’t want to live in or rent out the inherited house, they choose to sell it. In some cases, heirs want to get the house sold when it is going through the process of probate.
The problem is that selling a property in probate requires the relevant parties to go through a time-consuming process, which may cause frustration as well. However, a property can also be sold without probate in some cases.
Selling a House While in Probate
First, know that an executor or administrator is a person who checks the will and makes sure the things outlined in the will are acted upon. The name of the executor is mentioned in the will, but no name is mentioned, the closest relative is given this responsibility.
If you want to sell a house in probate, be ready to follow some legal steps. Based on the court regulations, you will have to pay close attention to the documentation and meet the deadlines during the probate sale process.
In the sale of a property, many entities may be involved, such as the court, an attorney, a realtor and an appraiser.
Selling a House Before Probate Is Granted
The first thing in the process is to determine the value of the property, which is done by an appraiser. Often, your realtor can give you a few good names so you can choose an appraiser. According to the rules, the property should be sold for a price that is not less than 90% of the value figured out based on the appraisal.
You may not need to look for an independent appraiser if your realtor is credible and knows what to do in a probate process. In this case, the agent will proceed and list the house for sale.
Your next move is to sell the house before probate. After this step, the probate is granted.
Selling a House After Probate is Granted
Your realtor will be responsible for selling the property as soon as the probate is granted. They will use several resources to get the job done.
Your real estate agent can install signage and run advertising campaigns on different types of media.
Aside from this, they may choose to organize open houses so that potential buyers and other agents could come to know about the property that you want to sell. Next, the realtor will show your property to the potential buyers.
So, these are some important steps that you should follow to sell a house in probate.
Selling a House Post Probate
Some buyers want to buy a property at the lowest price possible in a probate. Here, it’s important to note that the offer should be at least 90% of the appraised value of the house. It will be the responsibility of the realtor to ensure that, you, the seller negotiate well so that the requirements could be met. By selling a property post a probate, you, the executor, will sign the required contracts.
After an offer has been accepted, a notice of proposed action is sent to each of the heirs named in the will. The notice is sent to give the heirs a chance to make any objections that they may have, and they have 15 days to do so. If no objection is made by any of the heirs, the next step in the sale kicks off.
At this point, in some cases, you may have to suffer from frustration. According to the law, the notice of the sale of the house must be published in a newspaper in that area. Problems may occur if a notice is not published and one of the heirs makes an objection.
For confirmation hearing, a date is given that is usually 30 to 45 days post the date the application was filed on. Again, the details are sent to the concerned parties. In the meantime, the realtor will keep advertising the property in the hope to get a higher price.
During these 45 days, the original bid may be overbid by another real estate buyer who may be interested in the property. In this case, the bidder or the buyer should come to the court to attend the hearing, and present a check the amount of which should be at least 10% of the price the buyer agreed to pay for the house.
If there are multiple buyers, the one with the highest offer gets the deal. In this case, the check is given to the administrator or executor, and the money is held in the escrow for 30 to 45 days post the court hearing.
Selling a House Without Probate
According to the real estate law, in some situations, the inherited property can be sold without probate. Typically, you, the executor, may not have the authority to get the house sold without probate. However, you can avoid going through the probate process if the original owner of the house puts the house in a living trust when he or she is still alive.
You may want to hire the best professional for help with the probate sale, as it won’t be easy for you to go through this process while you are still trying to cope with the loss of a loved one. So, you may not have the energy required to handle the additional burden.
If you follow the process properly and work with a proactive and energetic realtor, you won’t have any problem throughout the process of sale.
Are you Looking for a Cash offer?
If you want to find out if you can get a cash offer when selling your house in probate, we suggest that you contact us. Our number is 512.610.7201 or email us at info@ReimagineRealtySolutions.com. We can buy your house with cash in Austin. Besides, we have years of experience in this industry and we help people sell their houses fast whether they are going through probate or not.
If you have an inherited house to sell and you have some important questions on your mind, you can give us a call and we will be more than happy to answer your questions and provide all the help you may need.