If you have recently inherited a property in St. Charles, St. Louis , St. Louis City, Jefferson County and need to sell it, you may be wondering what the process looks like. Thinking about process can be scary.Selling a probate property can be a complex and challenging process, but with the right knowledge and guidance, it can be done successfully. Quite frankly, the process doesn’t have to be scary. In this post, we will cover five things you need to know about selling a probate property in St. Charles, St. Louis , St. Louis City, Jefferson County and how Einstein Real Estate Development can help make the process easier for you.
1. Understanding Probate
Probate is the legal process that takes place after someone dies to transfer their property to heirs. If the person who passed away left a will, the probate court will distribute the property according to their wishes. If there is no will, the court will distribute the property according to state law. At times, this can take a long time in court. It is important to check your particular state law as each state varies in their law. During the probate process, the court will appoint an executor to manage the estate and oversee the distribution of assets.
2. The Role of the Executor
It is important to know your role of the executor of the estate. It is the executor’s responsibility to manage the property and ensure that it is sold in a timely manner. You will need to obtain the necessary paperwork from the court, including letters of testamentary, which will allow you to act on behalf of the estate. The title company will need these papers when you sell the house. You may want to to hire a real estate agent to help you sell the property. It is important to choose an agent who has experience selling probate properties, as they will be familiar with the unique challenges of this type of sale. In some cases, it can be simpler to sell the house directly if there are needed repairs, multiple heirs, or people living in the home. You also will want to find a direct buyer that is familiar with buying probate properties. This will help simplify the process dealing with experienced individuals.
3. Valuing the Property
Appraisals are a great tool to determine the value of the property. Before you can sell the property with an agent, you will need to have it appraised to determine its value. The appraiser will look at factors such as the size and condition of the property, as well as the location and recent sales of similar properties in the area. It is important to obtain an accurate appraisal, as this will help you set a fair asking price for the property. Selling directly can eliminate this step, therefore, saving you hundreds of dollars that you would spend on an appraisal.
4. Disclosing Information
When selling a probate property, it is important to disclose any known defects or issues with the property. This includes things like water damage, mold, or structural issues, and termite damage. Failure to disclose known defects can result in unforeseen legal action against the executor and the estate. Your real estate agent can help you prepare a disclosure statement that outlines any known issues with the property. At Einstein Real Estate Development, we buy houses as-is, meaning there is no needs to do any repairs. However, it is still important to disclose any know issues.
5. The Sale Process
Once you have an accurate appraisal and have disclosed any known defects, it is time to put the property on the market. Your real estate agent will help you list the property and market it to potential buyers. When an offer is received, the executor will need to review and approve it before it can be accepted. Once the offer is accepted, the buyer will typically have a certain amount of time to conduct a home inspection and obtain financing. Once all of the contingencies have been met, the sale can be closed and the property transferred to the new owner. Selling to a directing buyer like Einstein Real Estate Development can eliminate the need for appraisal and the need to wait for any financing approval. At times, and as-is sale is the way to go! It eliminates the need to do any repairs and eliminates the need to clean out the house,
Selling a probate property in St. Charles, St. Louis , St. Louis City, Jefferson County can be a complex and challenging process, but with the right guidance, it can be done successfully. If you have recently inherited a property and need to sell it, it is important to work with a real estate agent who has experience with probate sales or a direct buyer who understands the probate process. They can help you navigate the process and ensure that the property is sold in a timely and efficient manner. The simpler the process can be the better. With the right approach, selling a probate property can be a smooth and stress-free experience. Stress free always makes for a good day. We are here to help! Reach out to Einstein Real Estate Development today to learn more about how we can help you! 314-433-3014