Selling an inherited home can highly impact your finance if you’re unfamiliar with the steps involved in the probate process. Think of the challenges faced while trying to sell an inherited home, it can all be doubled when that home goes into probate. Probate is simply the official granting of the property of a deceased person to a beneficiary (usually direct kin) by the (probate court).
In the scenario that the 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 the 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.
If you’re in Jacksonville and have a property in probate, don’t try to go about the process without the assistance from a professional. You can either get to us for more details or you can simply follow our online guide to take you through the probate process.
Here’s how to go on about selling a house in probate:
1) Get the house appraised
Getting a property appraised a simple. You can contact a certified property appraiser from your area. This can either be a real estate agent, or a real estate attorney from your area to appraise your property. This needs to be someone from your area, someone with knowledge of your neighborhood. Someone who knows the current property values of that area. We can help you get an appraiser in Jacksonville if you decide to work with us.
2) Get the court’s permission
It’s impossible to sell a property in probate without the knowledge of the court. The court needs to grant you permission in order to sell a house in probate. You’ll have to attain a petition from the court that allows you to sell real estate in the area. The said petition will incorporate all information related to selling of the property in question. It will be left for you to decide whether the house will be sold by auction or a normal open market.
As soon as the petition is filled, go further by attaching it to independent appraisal document and file it in court. You can now relax and wait for the approval.
3) Place the property on sale
Court appraisals can take a while but that shouldn’t stop you from putting the property on the market. You can go ahead and place put the property on the market but when you come across a buyer, let them know the current state of the property. Let them know the deal is depending on the court’s approval.
4) Petitioning a court for hearing on the sale
Once you’ve succeeded in getting a buyer for your property, you’ll be required to petition the court once again. This time will be for the hearing of the sale. The petition time usually takes and an average of 20-40 days 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. Unfortunately, this process can take up to 8 months or longer
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.