Whether you’re looking to downsize to a smaller house after a long career or have a large estate that needs to be settled, certain circumstances may require you to sell one home and buy another.
One process that people often look into is selling through probate. What exactly is probate, and what are the benefits (and drawbacks) of selling a home via probate?
Most properties are “probate properties” and are extremely rare. Because of this, many people may not know anything about it.
Don’t worry; we’re here to help! Check out this guide to answer all of your probate property questions.
1. What Are Probate Properties?
When a property owner dies, their estate must go through probate before their beneficiaries can inherit it. Probate is a legal process that can be complex and time-consuming, so, understandably, people have many questions about it.
Probate properties are assets solely in the deceased person’s name and not jointly owned. These assets must go through probate before they can be inherited.
2. How Long Does It Take?
It takes nine to twelve months for most probates to be completed. If there are complications with the estate, it could take longer.
The time it takes to probate an estate also depends on how quickly the executor or administrator completes the required paperwork and works with the court.
3. What Fees Are Involved?
Some fees are typically involved in purchasing a probate property. These can include things like appraisal fees, title fees, and escrow fees.
Additionally, the probate court may impose additional fees depending on the specifics of the probate case. You will also be responsible for paying any outstanding estate debts and taxes.
It is always best to consult with an experienced real estate attorney to better understand all the fees involved in your specific situation.
4. What Are the Risks?
Several risks are associated with probate properties, but the most common one is that the properties may not be in good condition. This is because the property owner may have died without instructions on maintaining the property, or the property may have been neglected during the probate process.
Other risks include dealing with liens or mortgages on the property in probate and potential issues with the title to the property.
Now, if you’re in the midst of probate proceedings, you may refer to this web page to learn how to sell your house fast.
Benefits of Buying Probate Properties
There are several benefits to buying probate properties, including the potential to get a great deal on the property, the property being sold “as is,” and the possibility of a faster sale.
The risks can be minimized with careful research and due diligence, and the potential rewards can be significant. Keep this guide in mind if you’re considering buying a probate property.
Check out our other articles for more great real estate and home improvement advice!