After there is a death in your family, the idea of selling the family home can be a very difficult one to make. Not only are there memories tied to the home, but there is also a large list of complications that come with the probate process.
Understanding how this process works can be a little challenging since there are many requirements that must be met in order to sell the house.
Probate is the legal process that follows the death of a homeowner, typically when the house was not in a trust or equally owned by someone else who had full rights of survivorship.
Typically the home will need to be sold and the funds will be split amongst beneficiaries if there were no specific instructions as to whom the home would go to.
If this is the case for your situation, it’s important to hire a lawyer and get the paperwork in order, before petitioning the courts.
A judge will ultimately decide who owns the property or house and will typically base this decision on the will.
If probate is found in your favor, you can use the final sale of the home income to pay off your probate fees and lawyer.
However, it is important to note that you can’t sell or list the home while dealing with the probate process. Probate must be finalized before you consider listing your home.
Once you officially own the inherited property you have several options to consider. You can potentially rent the property, list and sell, or even work with an investor for a quicker process. It all depends on your end goal and how involved you want to be in the process.
Typically the goal is to sell, but first, let’s explore your other options.
Renting is a potential option, you might need to make some repairs and get everything up to code before renting, but this is a great way to earn an income while keeping the property.
If you are out of state, this might be a little more difficult to handle but you can always consider getting a rental company to handle the tenants for you.
Another option you have for inherited property is to give it away as a gift. Once you have gone through probate and own the property outright, giving it to your children or family members is another option to consider.
If you do not want to deal with tenants, another option is to sell your property. First, you will want to hire a real estate agent and make any necessary repairs and updates to the home so you can sell.
Next, your agent will list the property and set up showings to get your house in front of buyers. After the sale, you will need to cover the agent’s fees and you can officially step away from the house and responsibilities.
If you are out of state, there can be a few more complications to this process, so it’s important to work with an agent you trust.
If you are out of state, having costly repairs, or simply want a fast option to sell, an investor is a great option. Working with The Trusted Home Buyer ensures that you don’t have to worry about closing costs, repairs, or hidden fees.
This option allows you to be as hands-on or hands-off as you want to be. Over the years we have worked with local and out-of-state clients who have inherited property and helped them navigate the probate process and offered cash, quick closing, and no fees to make the process easier and stress-free.
We understand how difficult the probate process can be, especially if you are dealing with the loss of a family member.
“As the personal representative for my father's estate, I decided to sell his house after he had passed away. With me living in New Jersey, working full time, and with the house being in Arizona, I was looking for a quick, fair way to sell.
I had received several brochures from a variety of different real estate investors and called many to understand how they do business. Martin with The Trusted Home Buyer came to see the property within 24 hours of my call.
He explained in person how he approaches his business, coming to our meeting with relevant, specific market comparables and explaining how he derived his offer price.
Unlike other potential buyers who threw offers around over the phone without seeing the property, Martin and his team understood the value of a face-to-face conversation to arrive at a mutually agreeable sales price.
The Trusted Home Buyer also showed good faith in dealing with other ways: by offering a significant earnest deposit, by offering to pay all closing costs, and by guaranteeing an on-time close.
Konni, the Closing Coordinator with The Trusted Home Buyer, provided extremely professional service throughout the process.
She arranged a final walk-through (even though I was all the way across the country as it occurred). She was a liaison with the title agency to resolve any questions that came up, and she helped expedite the closing to occur less than two weeks after signing the sales contract.
I highly recommend The Trusted Home Buyer to anyone considering selling a property, especially those with a desire or need to close quickly, and/or who doesn't relish the idea of paying out commissions to a realtor.”
-Kelly J
If you need help with your probate property, give us a call today. We would be happy to help you navigate this process and offer our services to help you determine if selling to an investor is your best option.
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.
