Going through the probate process is something that no one wants to go though but is a process that we may all find ourselves in at one point or another. Having to sell a home that is in probate can add additional stress to an already stressful situation. If you have found yourself going through this process, Blackjack Real Estate can help you with the fast and fair sale of the property. In the following article we will teach you how you can sell a probate property in Chattanooga.
To start, let’s go over what Probate actually is.
Probate is the process that occurs after someone dies and their heirs receive property described in a will and the debts of the deceased’s estate are paid off. A probate attorney is recommended while the process takes place in the courts as they will be able to offer advice on how to properly handle the debt repayment process, taxes and any other related procedures. Some of the you can expect is to take an inventory of the estate’s assets, filing income taxes and the notification of creditors in order to settle outstanding debts with money from the sale of the estate’s assets. The time this process takes can vary from 6 months up to 2 years.
Why Would A Home in Probate Need To Be Sold?
When a person dies, there are sometimes outstanding debts and ongoing expenses, like a mortgage payment, and the sale of the estate’s assets may not be enough to cover what is owed. The executor of the estate might then be forced into selling the property in order to avoid a foreclosure. In the event that the courts do not force the sale of the home, you might have to wait until the probate process has finished before you can do so. With that in mind, you can contact one of our property specialists at Blackjack Real Estate with the home’s details and we can provide you a tentative cash offer so you can have the peace of mind knowing what you can expect once you have cleared the probate process.
How It Works
Even if the property was not left to an heir, the executor of the estate will be tasked with handling the sale of the home. An interested buyer must provide a deposit along with a written offer. Before the offer is approved by the courts, the court will ask if there is anyone who would like to make a higher offer for the property. Once the court approves the offer, there will be an opportunity to have the property inspected before the sale is finalized. Once this is completed, escrow will be able to close within only a couple weeks. The proceeds after you sell a probate property in Chattanooga are used to pay any outstanding debts, with the remaining balance going to the heirs as outlined in the will.
If there are multiple heirs, it is important to make sure everyone is all on the same page and in agreeance. While the executor of the estate has the authority to list and sell the property, it is best to get everyone in agreement ahead of time. You don’t want to have anyone contest the sale or create problems within a family if you can avoid it.