After facing the loss of a loved one who didn’t have a will or investments protecting against the process altogether. To sell a probate property can mean long drawn-out proceedings, especially with larger estates.
It can be costly to go through, so avoid making the mistake of skipping any of the legal requirements which can further tie up your property. You’ll need to be patient as the assets of the deceased are analyzed and the rightful inheritors of the estate are determined. Executors may need to liquidate the real estate, leading to the probate court distributing the funds evenly among those beneficiaries.
Should you find yourself in this position, read on for information on how to sell a probate property in San Antonio.
Certain aspects of this real estate law are common among all jurisdictions, for a valid sale, you’ll want to ensure you’ve rigorously followed all of the legalities for selling your probate property in San Antonio.
How To Sell a Probate Property in San Antonio
Decide if you want to have an appraisal done. If you do, you will want to locate an independent certified appraiser. You can either reach out through phone listings or word of mouth among probate property real estate professionals in San Antonio. Appraisals cost several hundred dollars and you are not required to get one from a certified appraiser. You can skip this step and set your own price for the property.
Petition The Court
Next want to proceed by filing a petition with the court to sell the probate property in San Antonio. While filling out your petition, be certain the information includes any pertinent information about the property along with the method that will be used to complete the sale, be it at an auction or on the open real estate market. Submit your petition to the court for approval and then you can take the next steps.
Offer the Property
For sale, with conditions! Now that you can finally take action and sell your probate property in San Antonio, you’ll want to make certain to disclose to your potential buyer that the court’s confirmation of the transaction is required before you can accept, making the offer conditional.
Because the ultimate goal of the sale of a probate property in San Antonio is to garner the highest amount possible for the estate, you must advertise your court hearing to the general public for a process known as open bidding. This allows any additional interested parties to participate in the purchase of the real estate, aiding in raising the final purchase price.
Commonly, once you’ve petitioned the court for a hearing to confirm your sale, you can expect delays on the court calendars ranging from between 20 to 40 days, from the filing date. If you need to fully probate a will, you can expect this to take several months.
Now you’ll need to attend the court hearing and wait until the unconditional bidding has concluded and a cashier’s check is presented for the final figure. Your buyer will be able to participate along with any member of the public who so chooses, bids increase by $500 at a time.
If you agree on a price with a buyer, make sure that earnest money is collected after signing the appropriate sales and purchase paperwork. Earnest money is usually held by a third party until the sale is completed.
Finally, you can close on the contract for your probate property in [markte_city]. Be certain that the costs of the property are covered by the financing. You’ll also be responsible for placing the full amount into the estate fund.