Probate real estate sales may seem complex, but the fact is, with the right tools, tapping into this oft lucrative market can be easy.
Basically, probate is simply the legal processed used to ensure the decedents debts are paid and their assets are disbursed to their intended beneficiaries. The decedent’s will typically define to whom the property will go, and when there is no will, meaning the decedent died intestate, the probate court will guide the disbursement of assets according to state law.
How Probate Real Estate Sales Work
When an heir or beneficiary is bequeathed real estate, what often happens is that they have no desire to be saddled with the taxes, upkeep, and maintenance, if they do not plan on living on the property. In fact, most heirs have a strong desire to sell the property instead of having to deal with the headaches of property ownership.
If a property ends up in probate court, real estate agents and buyers will most likely will be dealing with the court or administer of the estate instead of the heir or beneficiary. Typically, the administrator hires a real estate agent to list and show the property, just as would be done in a traditional setting, I.e., the property is appraised and listed based on comparable properties in the area. Be aware, the offer price and sale date must be confirmed by the court before marketing and advertising of the property can commence.
How Find Probate Simplifies the Process
The hardest part about probate real estate is not buying and selling the properties, it’s finding them. Find Probate pulls the most recent probate data direct from the court and delivers it to you in an easy-to-use, user-friendly interface that lets you search and farm probate properties and the specific information you need to make informed buying decisions.