You might have lost a loved one recently and are now responsible for distributing their estate. It's possible they passed away without creating a will, which can create a difficult situation, especially if they own property such as their personal residence or rental properties.
It's important that if you plan on selling any property left behind and there is no will, you will need a real estate agent that has specialized probate expert training. Here are just a few reasons why it's important to hire an agent that understands probate law when selling a house.
They Understand Probate Law
While you might wish to hire a probate lawyer to help with the overall process if your loved one passed away without leaving a will, a real estate agent who has probate expert training can help you with the process of selling their home or rental properties.
You may not be able to sell the property until a judge clears you to do so if it has gone into probate right away, but if you hire an agent who understands probate law in your state, they can help you through the process of preparing any documentation, finding the repairs or renovations that need to be done and eventually marketing the home when it goes up for sale.
A home in probate has different rules and regulations that must be followed when placed on the market and only an agent trained in the process can help you.
They Can Help Determine Market Value
Once you are able to sell the home or rental properties, you should have the home appraised for its market value. If you don't live in the neighborhood where the home is located, it can be difficult to know how much to sell it for.
It's possible that the proceeds of the home will be distributed amongst several beneficiaries, so it's vital to know an estimate of the home's value. A real estate agent who has had probate expert training can help find the right expert to appraise the property to help you determine a fair sale price. They can work with you and any beneficiaries to sort out the financials of the cost of renovations, and to help divide the proceeds.
They Can Field The Offers
Receiving offers on the home will differ from selling a traditional home. Any potential buyer who bids on the home must typically pay a deposit along with their offer, this amount will differ depending on each state, but it's usually a small percentage of the overall price of the house.
This offer and deposit are presented to the probate judge for consideration. If you decide to accept the offer, a judge will then determine whether or not the sale can go through. It's important that you use a real estate agent who has been through a probate training program to help you through this process. For more information on probate training programs, reach out to a training provider near you.