Newcomer to probate? For buyers, homes in probate can be an investment opportunity and as this section of the market isn’t well known, these properties can then offer an advantage.
If you are buying, before making an offer, be certain you read the disclosure and understand the terms, timeline, and which forms to use. A home in probate may be sold in order to settle outstanding debts or to finalize an estate.
If you are selling, the process can feel overwhelming and cause a lot of additional stress during an already stressful time.
Many of these homes are in a state of disrepair or at a minimum need substantial updating. When already dealing with the devastating loss of a loved one, it can be shocking to find you are now carrying another financial burden. Depending on your circumstances, this may not be a feasible situation. Leading us to the subject of selling probate property in San Antonio. Whether you are buying or selling, it is vital that you understand the following things.
Personal Representatative or Executor
Real estate which is to be passed down to heirs, that isn’t in a trust and without the instruction of a will follows the chain of title set by the state. When there is a will, the named personal representative or executor is responsible for following the terms as they are laid out in the will. This legal process is overseen by a special court whereby ownership of the property is legally transferred to the rightful heirs or the property sold and the profits distributed according to the wishes of the deceased.
Should you become the personal representative of a San Antonio estate, you are now the administrator of the estate and have the responsibility to perform the duties outlined in the will. This is a large responsibility, which can be made all the more strenuous by any infighting among heirs or even lead to your being sued for mismanagement or fraud by the beneficiaries.
Selling Probate House As-Is
Whether you are buying or selling probate property in San Antonio, it is extremely important to know that the sale will probably be completed with the property as-is. As a buyer, this means you won’t be in a position to demand repairs be made prior to closing. Often, in traditional real estate transactions, the contract for the home can include a contingency of waiting until the current residence of the buyer has sold, as a financial source for the transaction to move forward with closing.
You should be aware that the guidelines governing this type of real estate transaction don’t allow for any contingencies. The probate court can require the purchase price of real estate sold in probate to bring the highest price or they can probate the will and they permit the executor to sell the home outside of the courts.
Traditional buyers cannot usually pay all-cash and follow through with an offer that may take months to clear the court system. This along with the fact that the condition of most of these homes are not up to market standards is why many of them are sold to real estate investors.
If you are the executor, you need to vet all your buyers. Can they pay in cash with a week’s notice? Can they still buy the property if it takes 6 months to close? How much do they know about the probate process? Getting an offer for slightly more, but from a shaky buyer will cause you much more harm than good when you are selling a probate property.
State Probate Laws
An important aspect of buying or selling probate property in San Antonio is to understand the legal specifics of the process, which can vary from state to state. Should their loved one have died without a will, the death is known as being intestate. While the personal representative has been advised that they are now responsible for the estate, most are left wondering what to do next.
In the State of Texas, properties can be sold with and without the use of a will, but you have to know the laws and what they say you can and can’t do. If you should find yourself in this situation, the importance of acting quickly in the matter cannot be overstated. There are forms that must be used for the process and special deadlines that must be met.
You might find yourself having to learn everything necessary about the process, all while jumping through legal hoops to sell a home in probate. The additional stress of meeting urgent legal timeline demands in addition to the difficult time of mourning can be quite overwhelming. Especially knowing that when not handled properly, a transaction can be voided.
Work with Probate Experts
It is exceedingly complicated! Buying or selling probate property in San Antonio can leave the inexperienced feeling very alone and sometimes even under legal attack by the heirs, leading to making costly mistakes. There is such a great deal of information to absorb, all while facing probate proceedings. Filling in forms unique to the probate process which must be used, is a daunting task. Not to mention the stress from looming deadlines.
Letting a professional take the weight off of your shoulders can be a huge relief. It is important that your needs are met in the transaction. You should feel that they are listening and willing to meet your needs. They should be happy to explain every step of the process. They should be able to tell you how many other people they have helped through this process. They should have a team of reliable professionals who can handle everything for you, from initial cleanup, maintenance of the property during the probate period, and any other job that needs to be completed. Their team of experts should be readily available to support you from the start through to the final day of closing.
Again, this is not the time to work with someone who has only done this a couple of times! Who you choose to work with is often the difference between this being a smooth transaction or a lengthy headache.
We have the solution! Ease the strain of these concerns when you are buying or selling probate property in San Antonio by working with Sell My San Antonio House by your side. We can help make it easy – we buy probate properties directly and will help you through the process step by step. Send us a message or give us a call at (210) 201-6644 today to learn more!