If you own a property, that is stuck in the courts, it can feel frustrating and overwhelming. There are many steps and some of them can seem to take forever. You just want all of your hard work taking care of everything to start to pay off in one way or another. In our latest post, we will help you learn how to sell a probate property in San Antonio!
The probate process is stressful. It is already an emotional time to begin with and selling a house on top of everything else can only add to the frustration. At Sell My San Antonio House we can help you with a fair and fast sale of your probate property in San Antonio. Keep reading to learn more about our best tips for selling quickly.
What Is Probate?
Probate occurs when someone dies and heirs receive property listed in a will. All the debts of the deceased estate are paid off and the property that was inherited can be sold so that the family can move forward.
If you have to deal with the probate process, it is usually best to deal with a probate attorney to help you as the process moves through the courts and avoid any probate problems. They will be able to provide you with advice, help you handle debt payments, tax situations, and guide you through an often stressful process.
You will need to take an inventory of the estate’s assets and locate all estate planning documents. You will want to notify all creditors and pay off any outstanding debts with money from the estate. There will also need to be income taxes filed, which include a possible inheritance tax. Depending on the situation, the cooperation of the heirs, and the will that is present, the process can take 6 months to over two years.
Specific state laws regarding the probate process can vary but if you follow the process, you will be able to sell the house.
Why Would A Probate Home Need To Be Sold?
When a person dies and there are outstanding expenses owed or ongoing expenses such as a mortgage payment, the estate may not have enough income to pay these debts. The executor of the estate may be forced to sell the property in order to avoid foreclosure.
Many times the heirs simply choose to sell the house because they do not need the property and could better benefit from the proceeds of the sale.
If the house is not required to be sold by the court, you will need to wait until the probate process is completed before attempting to sell the house. However, you can plan ahead by speaking to one of our team members and giving them the property basics. We will be able to provide you with a tentative offer, so you can know what to expect once your house has cleared the probate process.
How It Works
Even if the property was not left to an heir, the executor of the estate will be tasked with handling the sale of the home. An interested buyer usually provides a deposit along with a written offer. Before the offer is approved by the courts, the court will ask if there is anyone who would like to make a higher offer for the property. Once the court approves the offer, there be an opportunity to have the property inspected before the sale of the home is finalized. Once this process is completed, escrow will be able to close within only a couple of weeks. The proceeds of the sale are used to pay any outstanding debts, with the remaining balances going to the heirs as outlined in the will.
The probate process can sometimes be completed without having an offer for the property. In this situation, the probate process is completed and then the executor of the property can seek out an offer and sell the property. At the time of sale, the proceeds must be distributed as it is outlined in the will.
Make Sure Everyone Is Onboard
If there are multiple heirs, it is important to make sure everyone is all on the same page. Or at least get as close to an agreement as you can. Yes, the executor of the estate has the authority to list and sell the property, but it is best to get everyone in agreement ahead of time. You don’t want to have anyone contest the sale or create problems within a family if you can avoid it.
If everyone is on board with the sale of the property, sometimes you can skip the probate process and go straight to selling the property with the use of affidavits of heirship. This option can save you time and money but you will want to speak with an expert in the sale of inherited properties before you do this so that they can guide you down the correct path (Yes, we can help you. Just reach out to us (210) 201-6644)