How to Avoid these 3 Issues When Doing a Probate Sale

iwillbuyhouse • January 24, 2022

How to Avoid these 3 Issues When Doing a Probate Salen

sell inherited house for cash

A probate sale is a legal process that happens after someone dies. The executor of the will, or if there is no will, the closest living relative, gathers up some or all of the deceased person’s assets and sells them. The money from the sale goes to paying off the deceased person’s debts and distributing what’s left to the heirs.

Probate Sale in California

 

In the state of California, a probate sale may happen due to necessity or due to practicality. If a person dies with a lot of debt or taxes to pay, and the amount to pay is not available, the will executor or administrator needs to sell an asset to pay these off. According to Compass Mortgage, the probate process ensures that debts and taxes are paid before distributing assets to heirs.


 

There are instances in which the family cannot maintain a household, and no one else can take responsibility for it. If the family has an old home that needs repairs and does not have the money to keep up with the maintenance, they may sell it. Wondering “How do I sell my house during probate?” Here’s how.

In the state of California, there are 2 ways to conduct a probate sale of the property.

  • First: Once court approval is obtained, a court hearing is conducted. Anyone may offer a higher payment and take the property from the original buyer.
  • Second: The executor or administrator may sell any asset after giving a 15-day notice to any beneficiary and if no objection has been presented or left unresolved in court.

3 Issues and How to Avoid Them

A probate sale is a process involving a briefed family and the government. Therefore it is different from your average real estate sale. Here are some issues that may arise –

  • Beneficiaries place objections to the sale, lengthening the process. Avoid this issue by clearly notifying them and maintaining communication.
  • The process itself is lengthy; it needs to comply with all its legal requirements. This can’t be avoided, but cooperation with the system can carry things in the fastest way possible.
  • There are more legal fees to take into account as part of the probate process. This issue may be avoided by limiting any additional costs.

Because of this, an experienced seller is needed to deal with the process.

Consider a Professional Home Buying Company

 

Due to the already present legal fees and the possibility of paying debts, you need the most efficient seller to save up. A home buying company will help you save up by not paying the many fees real estate agents usually charge their customers. The process is also faster, so you are guaranteed no extra delays. Nolo suggests that selling to a cash buyer can expedite the probate process.

 

Contact I Will Buy House 

I Will By House was born in 2015 after our founders saw how the 2008 financial crisis hurt those close to them who had to sell off property fast to pay debts. This motivated them to help out those who have to sell so they don’t suffer further losses from poor decisions. We buy houses in any condition and are cash home buyers.

Get in touch if you are planning on selling on probate, we can help you make the most out of it.

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