Selling an inherited house is tough but selling a house in probate is even more challenging. Probate is simply the official granting of property of a deceased person to another individual (usually a direct kin) by the state (probate court).
In the scenario that a living kin is not identified, the state can grant property to an “executor”. The executor is someone who successfully justifies why they should be given ownership of the property in question.
When a loved one has passed unexpectedly without leaving behind a will, you’ll have to go to probate court in order to obtain ownership of their property. If the decedent hadn’t specified a beneficiary, their property is then held by the state. Once an executor has made a valid case, they have the power of selling the property that is held by the state during probate.
Here’s how to go on about selling a house in probate:
1) Get the house appraised
Use the help of a certified property appraiser, a real-estate agent or a real-estate attorney in the area to appraise your house.
2) Get the court’s permission
You can’t sell a house in probate without getting permission; you’ll have to attain a petition from the court that allows you to sell real-estate in the area. The petition will include all information related to the selling of the property in question. You’ll have to define whether the house will be sold by auction or through an open-market sale.
Once the petition is filled, attach it to independent appraisal document and file it in court. You’ll then need to wait for approval.
3) Place the property on sale
Court approvals can take a while but you don’t have to wait to put the property on sale. You can put the property on sale but let the buyer know that the deal is contingent on the court’s approval.
4) Petitioning a court for hearing on sale
When you’ve decided on a buyer, you will need to petition the court once again, this time it will be for the hearing of the sale. The court usually calls you back in 20-40 days time depending on how busy it is.
Arrange a 10% deposit from your buyer prior to the court hearing.
5) Place an ad in the local newspaper
The court will ask you to publish an ad in the local newspaper that lists the details of the property along with the offered price. The purpose of the ad is to inform the public and attract other interested buyers which may make a better offer for the property.
6) Let the bidding proceed
After the ad is placed in the newspaper, bidding for the property can begin. The original buyer can also participate in the bidding process. The bids will be offered in $500 increments and the person that bids the highest will be asked to present a cashier’s check to the court as a deposit to confirm the bid.
7) Refund the original buyer
If the original buyer didn’t win the auction, you will have to refund them.
8) Close the contract
Close the contract as soon as possible and ensure that the full amount is transferred to the estate fund.
How Jax Cash Buyers can help you
Jax Cash Buyers simplifies the process of selling a house in Jacksonville, Florida in probate. With us, you can avoid the hassle of hiring a real-estate agent, waiting for court hearings and the bidding process.
We’ll make you an offer in cash – no gimmicks, no catch!
If you’re in Jacksonville, Florida and looking to sell a house in probate, get in touch with us at (904)513-0229.