Posted on: 2 June 2023
If you are the executor of an estate that is going through probate, then the court might have instructed you to sell some of the estate's assets. For example, if the person who died owned property, then you might have to sell it to realize assets for the estate's beneficiaries.
While you can use a regular real estate agent here, you should consider working with an agent with experience in selling properties under probate. Why is this a good idea?
Get Help With Probate Administration
Selling a property under probate isn't always the same as selling a regular property. You can't necessarily choose how to sell or who to sell to. Depending on the laws in your state, you might have to put the property up for auction. Even if you are allowed to make a private sale, the courts have input into how the sales process works. You have to follow specific guidelines.
For example, you might have to arrange a market value appraisal on the property. Your probate court might then use this value to set an acceptable sale price. They might set a limit at a certain percentage of the appraised value—you can't sell the property below this price.
Plus, you might have to advertise the sale in local newspapers for a number of weeks. If you have to auction the property, then you will need court approval before you can sell.
This process can be complicated. A regular real estate agent who hasn't sold probate properties before won't know how the system works. However, if you use an agent with this experience, then you get useful expert advice and help. They know what you have to do to meet court and state regulations. They can help you manage all your administrative tasks up to and during the sale.
Get the Best Price For the Property
Probate property sales used to be attractive options for general buyers and investors. If a court accepts offers at a lower than market value rate, then people could get a bargain. They wouldn't have to pay full price for a property.
Experienced probate real estate agents work to get the best possible return on property sales. They understand how the probate sales system works. They work inside system rules to get high-value offers so that your asset liquidation returns will be higher.
For more information, contact a company like All The Leads.Share