One of the more common questions we’re asked here at Homeinc is whether or not a home can be sold while it’s in probate. As you may or may not know, probate is a process wherein a property is reassigned to the beneficiaries of a deceased individual. No matter the situation, the property is reassigned to the surviving heirs by a court of law in probate proceedings. So, to answer the question “Can you sell a home when it’s in probate?”, yes you can. However, you need to follow these steps:
- Get the property appraised – you can find an appraiser in one of three ways – 1) look for an appraiser online, 2) look for an appraiser in your local area Yellow Pages, or 3) talk to a real estate agent or broker for their recommendations. As property buyers, the specialists at Homeinc can help with the probate process.
- Obtain and fill out the petition for the court – during probate, you have to seek the court’s permission to sell the property. Fill out the required petition, provide all property sale-related details, and how you plan on selling the property (for sale by owner, by working with a realtor, working with Homeinc, etc.)
- Place the property for sale – Be sure to inform the prospective buyer about the probate situation but that you have petitioned the court to release it so it can be sold. If you’ve met all the conditions for getting the property released, Homeinc may consider purchasing the property from you.
- Seek the court’s confirmation – the buyer must seek the court’s confirmation to confirm the sale by attending a hearing which normally takes place within 20 to 40 days. The seller must make arrangements to acquire 10% of the sale price from the buyer before the hearing is scheduled.
- Run a newspaper ad – you can also advertise in the newspaper. This is done to inform the public about the sale of the property while it’s in probate. It also allows for open bidding on the property for others who are interested in purchasing it. When you attend the hearing mentioned above, this is where buyers and investors will bid on the property.
If you have a property going through the probate process and need assistance, please reach out to our group of licensed real estate advisors at Homeinc. We have helped several people sell their homes while navigating the probate process. Call or text our team today at (888) 850-2636.