When a person passes, without a will, their property must go through the probate process before it can be sold. The probate process is cumbersome, notoriously long, and arduous process, especially if it’s a sizeable estate, but even moderate estates it can become quite complicated.
The probate process can get expensive. It is better to proceed with caution so as not to complicate the process unnecessarily
It is necessary to be exercise patience as the process proceeds. It is required that the deceases assets are accounted for, and the rightful heirs are identified, and in proportions, they are entitled. If real property, also called real estate, is sold, the court will distribute the proceeds to the beneficiaries.
Sell Your House During Probate
If you are facing a probate proceeding and it involves selling a house, please take a moment to read this blog. Consider this blog for information purposes only and should not be considered legal advice. We are Cash Home Buyers and not attorneys. As with all kinds of Real Estate transactions, you are well served to seek appropriate legal advice in Peachtree Corners, Georgia.
Real Estate laws are common among many jurisdictions, and that will dictate how the sale should proceed; take care that you carefully follow all the laws for selling a home in Peachtree Corners, Ga.
You should start your process by locating a certified appraiser. You can ask your local real estate professionals for a recommendation or do an online search for appraisers in Peachtree Corners.
You will need to obtain and pay for the appraisal and keep your report close as you will need it for the next step. Now that you have received your appraisal, you will need to file a petition to sell the house with the court. You must file a petition and include information about the property and how you plan to dispose of the house. Some executors sell by way of an auction, or they chose to try to go with selling the house in the open real estate market. Remember to include the appraisal with your petition. When you get court approval, you can go out and sell the house.
Offer the Property
Now you are ready to Sell your Peachtree Corners, Ga house for sale. In many states, you must disclose to any potential buyers that you will need court confirmation of the sale to consummate the sale before you even can accept the offer.
Court confirmation can take some time. We have noticed that it is not unusual for that confirmation to take 20 to 40 days, depending on how busy the court system is.
You will want to collect a downpayment of at least 10 percent from the buyer. That is 10 percent of the total purchase price, at least.
Your goal is to sell your Peachtree Corners house for the highest price possible. You will be expected to advertise your court hearing publically to encourage open bidding. The idea is to have as many people as possible to know about the real estate sale, hopefully raising the final sale price in Peachtree Corners.
Plan to attend the required court proceedings. You will have to wair for the unconditional bidding is concluded, and a cashier’s check is given for the final agreed amount of the purchase price for the house in Peachtree Corners, Ga. The buyer will be able To participate in the bidding and others; those who big have to raise the price by no less than $500 per bid.
Refunding the Deposit
If your buyer is victorious in the bidding process grate, you will apply their deposit towards the house’s final purchase price. However, if another bidder wins the bidding, you will have to refund the funds collected back to the first buyer.
Now you are ready for closing. Make sure the total purchase price covers any financing outstanding on the property. You are ultimately responsible for covering all the costs with the proceeds of the sale of the house in Peachtree Corners in Georgia.
We’re here to assist you during this difficult time and make the process easy. Call Cash Homebuyers Atlanta today at 770-769-5295 or send us a message to sell a probate property in Peachtree Corners.