A family facing the loss of a loved one who didn’t have a will will need to contact Hidalgo County Probate Court in order to start the process. In general, the Probate Court probates the wills of deceased persons and declares the heirs of deceased persons who die without a will . To sell a probate property can involve a long and costly process, especially when dealing with larger estates.
It can be costly to go through, so avoid making the mistake of skipping any of the legal requirements which can further tie up your property. You’ll have to wait patiently as the assets of the deceased are analyzed and the rightful inheritors of the estate are determined. Then executors may need to liquidate the real estate, leading to the probate court distributing the funds among all beneficiaries.
Should you find yourself in this position, read on for information on how to sell a probate property in McAllen.
Certain aspects of this real estate law are common among all jurisdictions, for a valid sale, you’ll want to ensure you’ve rigorously followed all of the legalities for selling your probate property in McAllen.
How To Sell a Probate Property in McAllen
Certified Appraiser
Your first step will be to hire an independent certified appraiser to establish the value of the property in McAllen.
Petition
Once you’ve obtained your certified appraisal, you’ll next want to proceed by filing a petition with the Hidalgo County Probate Court to sell the probate property in McAllen. While filing out your petition, make sure to include any pertinent information about the property along with the method that will be used to complete the sale, be it at an auction or on the open real estate market, certificate of death , and the certified appraisal. Once you’ve obtained the court’s approval, you may then proceed with the sale.
Offer the Property for Sale with conditions
Now that you can finally take action and sell your probate property in McAllen, you’ll need to disclose to your potential buyer that the offer is conditional to the court’s confirmation of the transaction.
Court Confirmation
Frequently, once you’ve petitioned the court for a hearing to confirm your sale, you’ll face delays on the court calendars from between 20 to 40 days, counting from the filing date.
Deposit
You’ll need to collect a 10 percent deposit from the buyer at this time, based on the purchase price.
Advertise
Because the ultimate goal of the sale of a probate property in McAllen is to get the highest amount possible for the estate, you must advertise your court hearing to the general public for a process known as open bidding. This allows any additional interested parties to bid to purchase the real estate.
Court Hearing
Now you’ll need to attend the court hearing and wait until the unconditional bidding has concluded and a cashier’s check is presented for the final amount. Your buyer will be able to participate along with any member of the public who so chooses, bids increase by $500 at a time.
Refunding the Deposit
Should a different buyer overbid your buyer during the court proceedings, be prepare to refund their 10 percent deposit. If your original buyer is the highest bidder, the funds you previously collected from them would be applied to the purchase price.
Closing
Finally, you can close on the contract for your probate property in [markte_city]. Make sure that the costs of the property are covered by the financing. You’ll have to deposit the full amount into the estate fund.
We’re here to assist you during this difficult time and make the process easy. Call Dolfin RGV today at (956) 904 5234 or send us a message to sell a probate property in McAllen.