The process of selling real estate through probate or trust involves a series of court-regulated steps that must be carefully monitored and managed.
Managing a probate real estate transaction takes organization – deadlines are unforgiving, documentation is specialized and the court’s oversight must be honored throughout the marketing, offers, negotiations and sale of the property. To successfully complete the process, you’ll need the expertise of an experienced local probate attorney and a top local real estate agent with probate experience. On average, the probate process will often take up to 24 months.
According to RE/MAX Metro realtor Estelia Mesimer, who has successfully sold many properties in probate, while it might make sense to find a real estate agent that you have worked with in the past or ask friends for recommendations, you must keep in mind that selling a traditional home and a home in probate are not the same. You need someone experienced in probate sales who can guide you through the complexities of the sales process.
The Probate Process
In many states, going through the process to probate a will is the only option to legally become the owner of a home. Keep in mind that every state has a different probate law, even though many have adopted the “Uniform Probate Code.”
When there is a home to be sold, it’s important that a home appraisal is conducted. Your real estate agent will pull comparables for the area, read the appraisal to determine what the asking price on the property should be and will be able to go over any changes or upgrades you’ll need to make to the property so that you can get a head start before it’s time to put the home on the market.
Probate courts require that the property sells for at least 90% of the home’s appraised value. After receiving the appraisal, the executor will petition the probate court to begin the sale. Once the court hearing is over, it will grant the executor permission to list the home’s sale formally.
3 Common Mistakes People Make Selling Probate Real Estate
Bottom Line: No matter what you decide to do, the home needs to be prepared for sale. Pack things up, and give the house a good cleaning. This may be especially necessary if the individual who owned the home was elderly, ill, or otherwise unable to care for their home. If the home is in bad shape, you may want to fix up the property. If you don’t or you can’t afford to, you still have some options.
If you’re interested in any of these of communities or live in one and are thinking of selling, talk to The Mesimer Team.
St. Petersburg Communities
Greater Pinellas Point
Historic Old Northeast
Historic Roser Park
Isla del Sol