Having experienced the unfortunate loss of a loved one who had not made a will or invested in protective measures, the process of selling a probate property can become quite lengthy and complicated, particularly for larger estates.
It can be expensive to go through this process, so it’s crucial not to make the mistake of neglecting any of the necessary legal requirements, as they can further delay the sale of your property. Patience is required as the assets of the deceased are evaluated, and the rightful heirs of the estate are identified. Executors may need to sell the real estate, and the probate court will distribute the proceeds equally among the beneficiaries.
If you find yourself in this situation, continue reading for valuable information on how to sell a probate property in Springfield.
Although specific details may vary across jurisdictions, certain aspects of real estate law related to probate sales are universally applicable. To ensure a valid sale, it is essential to meticulously adhere to all legal procedures when selling your probate property in Springfield.
How To Sell a Probate Property in Springfield
Certified Appraiser
To begin, your initial task is to find an impartial certified appraiser. You have a couple of options: you can search for one through telephone directories or seek recommendations from professionals specializing in probate property within Springfield.
Petition
After acquiring the certified appraisal, the subsequent step involves submitting a petition to the court for selling the probate property in Springfield. When completing the petition, ensure that all relevant details about the property are included, along with specifying the intended method of sale, whether it be through an auction or on the open real estate market. Attach the certified appraisal along with your petition and submit them. Once you receive the court’s approval, you can proceed with the sale accordingly. It is important to note that obtaining the court’s approval is a prerequisite before initiating the sale process.
Offer the Property
When listing your probate property for sale in Springfield, it is crucial to emphasize that certain conditions apply. It is essential to inform potential buyers that the court’s confirmation of the transaction is required before you can accept their offer, thus making the offer contingent upon this confirmation.
By clearly disclosing this information, you ensure transparency with potential buyers and set the proper expectations. This condition serves as a safeguard for both parties involved, as it ensures that the sale process adheres to the legal requirements of the probate proceedings.
Once the court confirms the transaction, you will be able to proceed with accepting the buyer’s offer and completing the sale.
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 Springfield 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. Call Overlook Real Estate today at 937-504-9194 or send us a message to sell a probate property in Springfield.