Probate is the process of reassigning the property to the beneficiaries after the person dies. Sometimes when someone passes, they leave behind the property to their loved ones. However, at times the last will or the Testate is left behind by the person; in some cases, it is not. Whatever the situation, the property is reassigned to the heirs by the court of law, and this extensive, thorough process is known as probate. Sometimes a question arises, “can a house be sold while in probate in Phoenix, AZ?“ The answer is that it can be sold, if simple steps are followed properly. As real estate investors in Phoenix, AZ, The Trusted Home Buyer advises sellers to go through the following steps and suggests other investors check the procedures when they buy property on probate period in Phoenix.
Property Appraisal
With the help of an independent certified appraiser, a property can be appraised. You can quickly look for the appraiser in the local phone book or look after the real estate agent for recommendations. So as real estate investors, we look to buy property on probate in Phoenix, AZ, that has already sought property appraisal.
Typically a property appraisal in Phoenix, Arizona, costs, on average, $343 (Home Advisor). Here are some examples:
Obtain the Petition
When you are in the process of selling the property during the probate period, you have to seek probation from the court. So fill up the petition form and provide all the details related to the sale of the property in Phoenix, along with mentioning the sale methods.
Then, with the help of the independent appraisal, fill out the form and wait for approval from the court to sell your property.
An investor only buys the property that has already completed the procedure of obtaining the petition, and we do look into the fact that the seller has gone through the process of getting a petition.
Here is the official site if you are wondering where to get probate forms for Phoenix, AZ.
Place your Property for Sale
The next step is placing your property on sale. Be sure to inform the buyer about the matter that the property will be sold only after confirmation from the court, as it is on probate.
Generally, real estate investors only buy the property after seeking a court petition. However, if your property matches these conditions, then we might be able to take it off your hands.
Wait for Court Confirmation
As a buyer, you must wait for the court to confirm the sale of your property in Phoenix. You have to wait, depending on the pressure of the state court. Generally, hearings take place within a period of 20 to 40 days. Please do not forget to make an arrangement and take 10 percent of the price from the buyer before the date of hearing from the court. As investors, we tend to ensure that the seller seeks the court for confirmation soon.
Advertise in Local Newspapers
Inform about the sale and advertise it in local newspapers. This is done to inform the public about the property sale during the probate period. It also allows open bidding for other interested people so that the property gets the best price. So if you are seeking to buy property on probate period in Phoenix, you can bid in the court hearings. We often know of good property on probate through the local newspapers.
Attend the Hearing
Attend the hearing of the court. This is the place where bids are made, and buyers and real estate investors come for bidding. After the final agreement is done, the cashier's check is given to the court after the bid is confirmed. If there is a new buyer, refund the previous buyer's money and take the buyer's deposit after the court has confirmed. We tend to always pay some money as a deposit of the original price to the court after the contract has been confirmed.
So after this, you can complete the contract with the buyer after the above-written steps. Real investors look for property that follows all the procedures and abides by the court's rules.
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