The probate process is more than a little challenging. It comes with a strict legal process that has to be followed, with rules governing things like how much you can sell the property for (at least 10% of its appraised value), and even has a timeline for when paperwork has to be filed. It can be an overwhelming process, especially if you knew the decedent personally. There are a 5 main things that you need to remember if you’re going to sell a probate property.
1.You Need to Be the Public Representative
The first one is the easiest to remember. You have to be the Public Representative of the Will to sell a probate property. If you were not named PR, than selling the house is not something you can legally do. If the PR is someone close to you, like a sibling, then you can arrange with them and the court to take a more active role in the selling of the house. Everything from getting an appraiser to listing the home for sale to accepting an offer all fall into the P.R’s powers, however.
2. Probate Real Estate Agents Have to Do Their Best
Probate real estate agents have to work as hard as possible to get attention to your business. This includes listing the sale, having an open house date (or dates), and conducting private viewings of the house in question. This is something that you can remember when you’re stressing about having to sell your home. You don’t have be the one making a lot of sales; you can rely on your probate real estate agent to keep on top of listings, showings, and gathering interest in your property.
3. Lower Prices Sell More Quickly
Lowering the price on your listing even a couple thousand dollars can get you a lot more interest. Yes, you want to get what the home is worth, but in probate process cases you often need the money. If you need to resolve some debts or else divide the inheritance evenly, or you even want to just wrap things up and move on with your life, a lower selling price might be worth the time that you’re saving.
4. Heirs Have the Right to Ask for an Overbid Auction
All heirs need to be notified of an accepted offer. If they think that they could be getting more the property, they can set up an overbid auction with the court. Any Alameda country estate planning attorney can explain this more fully, but basically it’s a public auction in a courtroom. It’s legally binding, can generate a lot more income, but is part of the probate process that’s more rarely used.
5. You Don’t Have to Make Repairs
One thing to remember when you’re selling through the probate process is that you don’t have to make the repairs yourself. Probate homes are expected to sell “as is”. This is great, because it means you don’t have to invest your own money into the home before it sells.