As an estate executor, you will have the responsibility of dispersing an estate to its heirs. Sometimes the fate of property, like a home, is not clear. The will may not name a beneficiary to receive the residence. It is possible that you will end up selling the property in a probate sale.
Probate sales occur when a probate court supervises the sale of a home. Bankrate explains that a probate sale may involve issues different from a traditional real estate sale.
Selling the property as-is
Generally, offering a home in a probate sale means selling it in its current condition. This means there are no improvements or repairs conducted on the home. This tends to happen because many homes in probate had an elderly or disabled owner who could not keep up the residence very well.
You should consider an inspection of the property so you do not risk selling it with serious defects or vermin infestations. Be ready for possible expenses to deal with problems that the inspector uncovers.
Advertising the home
Probate sales usually do not end up in the traditional real estate listings of a newspaper. Because more obscure channels tend to publicize probate sales, you might not attract as many buyers as you expect.
Some people learn about a possible probate sale through an obituary or a notice for creditors to make claims on an estate. However, you may want to take extra steps to advertise the home so that more buyers will know about it.
Dealing with legal requirements
Because you are working with a probate court, you can expect additional legal scrutiny concerning your sale. Also, be aware of any regulations that dictate how you can sell a property in probate. You may need to devote more time and fill out more documents to bring the sale to completion.
These efforts may prove challenging. Still, making sure the home of a relative finds a new owner can help you close a difficult chapter in your life and those of other surviving family members.