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If you own a property that is stuck in the courts, you may feel frustrated and overwhelmed. In one way or another, the hard work you’ve put into handling everything should pay off. You can learn more about selling a probate property in California in our latest post!
It is stressful to go through probate. It can be frustrating to sell a house on top of everything else. MCB Homes Inc. can help you sell your probate property in California in a fair and fast manner. Find out how to sell quickly by reading the tips below.
What Is Probate?
The probate process is the process of distributing property listed in a will to heirs and paying off the debts of a deceased estate. As the probate process moves through the courts, it is best to work with a probate attorney. Their advice can help you deal with debt payments, taxes, and guide you through a stressful process. You will need to gather all the estate planning documents and create an inventory of the estate’s assets. To settle any outstanding debts, you should notify all creditors and use money from the estate. Also, income taxes will need to be filed, which may include inheritance taxes. This process can take six months to two years, depending on the nature of the situation.
Why Would A Probate Home Need To Be Sold?
If an individual dies with outstanding debts such as a mortgage payment or outstanding expenses, the estate may not have enough income to pay these debts. In order to avoid foreclosure, the executor of the estate may have to sell the property. The home will have to be sold by the court once the probate process is completed. However, you can plan ahead by speaking to one of our team members and giving them the property basics. We will be able to provide you with a tentative offer, so you can know what to expect once your house has cleared the probate process.
How It Works
Even if the home was not left to an heir, the executor of the estate will be responsible for selling it. A buyer must submit a written offer along with a deposit. The court will ask if there is anyone willing to make a higher offer before the offer is approved. Before the sale of the home is finalized, there will be a chance to have the property inspected once the court approves the offer. Escrow can close within two weeks of the completion of this process. Any remaining debt will be paid off, and any remaining balance will be given to the heirs as outlined in the will.
Make Sure Everyone Is Onboard
Having the right communication with multiple heirs is essential. In spite of the executor’s authority to list and sell the property, it is best for everyone to agree on the sale in advance. If you can avoid it, make sure everyone agrees to the sale and no one contests it.
This guide to sell your probate property in California applies to all cities in California State including, Lodi, Modesto, Stockton, Sacramento, Turlock, Valley Springs, Salida, and Oakdale.