After facing the loss of a loved one who didn’t have a will or investments protecting against the process altogether. To sell a probate property can mean long drawn out proceedings, especially with larger estates.
It can be costly to go through, so avoid making the mistake of skipping any of the legal requirements which can further tie up your property. You’ll need to be patient as the assets of the deceased are analyzed and the rightful inheritors of the estate are determined. Executors may need to liquidate the real estate, leading to the probate court distributing the funds evenly among those beneficiaries.
Should you find yourself in this position, read on this probate property selling guide for more information on how to sell a probate property in Hemet.
Certain aspects of this real estate law are common among all jurisdictions, for a valid sale, you’ll want to ensure you’ve rigorously followed all of the legalities for selling your probate property in Hemet.
How To Sell a Probate Property in Hemet
Certified Appraiser
Your first step will be to locate an independent certified appraiser. You can either reach out through phone listings or word of mouth among probate property real estate professionals in Hemet.
Petition
Once you’ve obtained your certified appraisal, you’ll next want to proceed by filing a petition with the court to sell the probate property in Hemet. While filling out your petition, be certain the information includes any pertinent information about the property along with the method that will be used to complete the sale, be it at an auction or on the open real estate market. Submit your petition along with your certified appraisal. Once you’ve obtained the court’s approval, you may then proceed with the sale. This is one of the top tips to sell probate property which you should not skip at any cost!
Offer the Property
For sale, with conditions! Now that you can finally take action and sell your probate property in Hemet, you’ll want to make certain to disclose to your potential buyer that the court’s confirmation of the transaction is required before you can accept, making the offer conditional.
Court Confirmation
Commonly, once you’ve petitioned the court for a hearing to confirm your sale, you can expect delays on the court calendars ranging from between 20 to 40 days, from the filing date.
Deposit
Plan to collect a 10 percent deposit from the buyer at this time, which is based on the purchase price.
Advertise
Because the ultimate goal of the sale of a probate property in Hemet is to garner the highest amount possible for the estate, you must advertise your court hearing to the general public for a process known as open bidding. This allows any additional interested parties to participate in the purchase of the real estate, aiding in raising the final purchase price.
Court Hearing
Now you’ll need to attend the court hearing and wait until the unconditional bidding has concluded and a cashier’s check is presented for the final figure. Your buyer will be able to participate along with any member of the public who so chooses, bids increase by $500 at a time.
Refunding the Deposit
Should a new buyer overbid your buyer during the court proceedings, be prepared to refund their 10 percent deposit. Otherwise, should your original buyer maintain the highest bid, the funds you previously collected from them would be applied to the purchase.
Closing
Finally, you can close on the contract for your probate property in [markte_city]. Be certain that the costs of the property are covered by the financing. You’ll also be responsible for placing the full amount into the estate fund.
We’re here to assist you during this difficult time and make the process easy. Just keep in mind the above key considerations to sell a probate property, and Call Mobile Home Dreamin today at (951) 406-6440 or send us a message to sell a probate property in Hemet.
F.A.Qs
How does probate real estate sale work in California?
A probate real estate sale in California is a court-supervised process for selling a deceased person’s property to settle their estate. The court appoints an executor or administrator to manage the sale, who then lists the property, accepts offers, and may need court confirmation, which can involve an “overbid” process where other buyers can make higher bids at a hearing. The property is typically sold “as-is,” with no contingencies for repairs or inspections.
How long does a probate sale take in California?
The probate sale process in California generally takes much longer than a traditional real estate transaction, often ranging from nine to eighteen months. The timeline can be extended by factors such as court scheduling, beneficiary disputes, or complex estate assets. While California law mandates completion within a year, extensions are common, and some complex cases can take two years or more.
How do I buy a probate property?
To buy a probate property, you should first understand the process and be prepared for a longer timeline and “as-is” condition. It’s highly recommended to work with a real estate agent and an attorney who specialize in probate sales, as they can help you navigate the legal complexities and court requirements. You will need to submit a formal offer, and if it’s accepted, you must be prepared for the possibility of being outbid by others at a court confirmation hearing.