Did you inherited a property and are going through all the process, waiting for the court ruling and trying to see the light at the end of the tunnel. All the paperwork is even longer during the pandemia. Dealing with an inherited house can become a very stressful and overwhelming experience. All the work you have to do going through this lenghty process should eventually come to an end. In this post, we try to help you learn how to sell a probate property in McAllen!
The probate process is a very frustrating experience. Selling a house on top of all the emotional distress you and your family are going through only adds to the stress level and your list of worries. At Dolfin RGV we can help you with a fair and fast sale of your probate house in McAllen. Keep reading to learn more about our tips for selling quickly.
What Is Probate?
Probate occurs when someone dies and heirs receive property listed in a will and the debts of the deceased estate are paid off. If you have to deal with the probate process, it is best to hire a probate attorney as the process moves through the courts. They will be able to provide you with proper legal advice, assist with scheduling debt payments, solving tax issues, and guide you through this often stressful process. You should make an inventory of all the assets and locate all estate planning documents. You need to notify all the creditors and pay off any outstanding debts with money from the estate. In addition, the last income tax return will have to be filed, which includes a possible inheritance tax. Depending on the situation and if there is a will or not, the process can take from six months to more than two years.
Why Would A Probate Home Have To Be Sold?
When a person dies and he/she has several debts as well as ongoing expenses related to the property such as mortgage payments, high homeowners association fees, unpaid tax liens, etc. the estate may not have enough money to pay these debts. The executor of the estate may be forced to sell the property in order to avoid foreclosure. If the house is not required to be sold by the court, you will need to wait until the probate process is completed before attempting to sell the house. However, you can plan ahead by speaking to us and providing some basic info about the property. We will be able to make you a tentative offer for your house, so you can know what to expect once your house has cleared the probate process.
How It Works
Even if the property was not left to an heir, the executor of the estate will be handling the sale of the home. An interested buyer must provide a deposit along with a written offer. Before the offer is approved by the courts, the court will ask if there is anyone who would like to make a higher offer for the property. Once the court approves the offer, there will be an opportunity to inspect the house before the sale is finalized. Once this process is completed, escrow will be able to close within only a couple weeks. The proceeds of the sale are used to pay any outstanding debts, with the remaining balances distributed among the heirs as established in the will.
Make Sure Everyone Is On the Same Page
If there are several heirs, it is important to make sure everyone is on board. While the executor of the estate has the authority to list and sell the property, it is best to get everyone in agreement ahead of time. You don’t want to have anyone contest the sale or create disagreements within a family if you can avoid it ahead of time and make the process smooth and faster.