Although buying a house in probate could save you money, it can also add many complications to the buying process. A house in probate might be a type of sale when it comes to house offers, and we want to explain to you how the probate process works. Keep reading to learn more about how to sell a house in probate.
What is Probate?
When someone passed away and didn’t have a will before it happened, a probate sale is most likely to occur. The state would sell any property the deceased owned. The money would be delivered to pay off creditors, family members, or beneficiaries.
A home in probate is marketed and sold like any other house or property. A real estate agent’s use to list the house is usually included to show the house to potential buyers. Still, anyone can make an offer on these types of homes.
How Probate Sales Work
It might be marketed as any other house sale, but the process is slightly more complicated than a traditional one. The court is required to appoint an estate representative who’ll be in charge of selling the property. With the help of a real estate agent, they would proceed as a traditional sale process. The would begin by typically listing the home, followed by marketing it and showing it on open houses.
When a buyer finally makes an offer, the estate representative can proceed to ask the court for a license to sell the house. The deceased’s heirs must receive notification before going forward with any sale. Only when the heirs decide to accept and only can the estate representative move on with the sale.
When the heirs approve a sale, and the court is notified, a court date must be set. During the court appointment, the buyer or any other interested buyer needs to attend to submit their bids. Just like in any other bid, the higher offer will get the house. If you end up winning the bid and the rights to buy the home, you must deliver a check for at least 10 percent of the offer price.
Pros and Cons
While low prices are an excellent reason to get involved in a probate sale, it’s more like a gamble. You need to remember you will be competing in a bid with other interested buyers. So, in the end, the one with the most available funds will win the bidding war.
This is a process that can take a long time when no offers are received. Even when an offer is accepted, it can take up to one year to close the deal of a new home. But this is usually because of legal disputes between family members. Also, there are no contingencies, a lengthy closing period, and numerous extra fees, along with other expenses.
Home Buyers Can Help
Because home buyers are familiar and experienced in probate sales, they can be handy to facilitate the process. They not only count with expertise on probate sales, but the fact that they don’t depend on a third party for their funds makes them able to produce high cash offers. In a bidding war, it’s always about who’s able to offer the most, and home buyers never disappoint.
If you’re trying to get rid of your probated house, we buy houses in Seattle. Here at I Will Buy House, we have multiple years of experience working on this type of sales. We continuously buy houses in probate in Seattle, and we do it rapidly and successfully.
Get What You Deserve
We can help you acquire the money you and your family may need from your house’s sale in probate. We understand that after losing a family member, the least you want to do is deal with long processes and legal procedures. So the faster you can get the money you and your family deserve, the better. We can make that happen.
We often buy houses in probate in Seattle, and we can help you make the process easier and quicker. If you’re looking for someone to help you with your home in probate, we buy houses in Seattle, and we’ll buy yours. Contact us today to learn more.