It’s always upsetting when you lose a loved one, and if you’ve been left with assets that you don’t understand, such as probate property, you may end up wondering how to handle it.
Dealing with a house that is tied up in probate can be a long and frustrating process but we’re here to help you through it. Whether you’ve never gone through this process before or you need a quick refresher to help you through it, We can guide you through this and lead you to a conclusion you’ll be pleased with.
What Is A Probate Property?
Probate property is a property that is inherited from the loss of the homeowner, along with any debts they may have incurred. The inheritor may be a family member, or simply an individual named from the deceased’s will. This is valid across the United States, not just Orlando FL.
Once a will has been located after the death of a homeowner, the probate process begins with filing a petition with the probate court which asks that the executor be formally appointed to act on behalf of the state.
Why Would I Sell My Probate Property?
When the court appoints the executor of the deceased estate, they must then identify and disclose all the estate’s assets, including real estate, vehicles, investments, cash, and debts. There may be outstanding expenses or ongoing expenses such as mortgage payments.
It may be that the estate does not have enough cash to cover these expenses and therefore the executor may have to sell the property in order to avoid foreclosure. Not to worry, however, as we still have great advice for you with your Orlando probate property.
Can I Sell My Probate Property Quickly?
Yes, however, you must be the executor of the estate and have consent from all heirs and beneficiaries. Once the house is sold, all proceeds will go towards repaying debts and then be divided amongst the heirs. This sale has to be approved by both the heirs and the court in order to go through and it’s important that you work with a direct buyer who specializes in probate such as The Local House Buyers.
How Much Can Sell The Probate Property Cost?
While you can sell your property, you will likely be faced with a number of fees before the sale can be finalized, including but not limited to; court fees, transfer fees, attorney fees, and document filing.
These fees and costs can vary based on the size of the estate, however, so while for some the probate process can become very expensive, others may have an easier time with the process. By working with The Local House Buyers in Orlando, you’ll find comfort in our quick buying process and we’ll help you along the way so you can alleviate some stress. Selling your probate property quickly can leave you with less hassle to deal with overall and by selling fast you can avoid a long and lengthy process.
How It Works…
The process for selling a probate property in Orlando may seem difficult at first, but we can help with that. Your first step should be to find an independent certified appraiser to appraise the property and then file a petition with the probate court to sell your probate property. Once you have the court’s approval, you can move forward with the sale.
If you go forward with selling to a direct buyer like The Local House Buyers, you’ll find that we can buy your inherited home as-is without any need for renovations and can discuss the price with you as soon as you’re able to with permission from the courts.
Conclusion
Losing a loved one is always a painful process, and it can be made even more so by inheriting any of their debts along with their property. Selling your new probate property can help with that and cover any leftover expenses they leave behind. Our Orlando home buyer team can close the sale of your home in no time at all, usually within 30 days. Give us a call to find out more about how we can help you sell your probate property!