Buying and selling real estate is big business in any economy globally. Real estate transactions can still be advantageous yet risky propositions! Especially when it comes to probate homes if the prospective buyer doesn’t understand how to sell real estate in probate.
What is a probate sale? Sometimes they can end up being the best real estate deals that any buyer or seller might get in Wichita.
So what is a probate anyway?
A probate is a legal way of administering a deceased person’s property (decedent) if the person never left a will or if the will had specific instructions on how their property was to be administered after they are dead. These proceedings take place in probate courts.
According to the Kansas Bar Association, when a property is located in another state, the state may require additional processes in that state. Property inheritance is not a natural right. This right only exists because of legislation. Kansas law mandates the probating of estates to safeguard all relevant parties.
How Long Does a Probate House Sale Take?
The first step is to file a petition which must be finalized six months after the death date lapses. When the request is filed, it usually takes four to five weeks to designate an executor or administrator. Because each estate’s challenges are unique, there is no way to predict how long it will take to probate the estate. No estate with assets above the legal allowance, as well as debts, taxes, and charges, may be closed six months after the date of death.
Anyone with knowledge of and access to a will can apply for probate at any time within six months after the decedent’s death. After receiving actual notice, creditors have four months to pursue claims against the estate.
“Many people ask if a probate house sale is possible?’ and the answer to that is yes when steps are followed correctly. As real estate experts and investors in Wichita, Kansas Home Guys urges sellers to fulfill the processes below and recommends that other investors examine the rules when purchasing property during the probate period in Wichita. So if your question is I inherited a house and want to sell it, can I? Yes, by all means, but make sure you first go through these steps to ensure a successful probate house sale.
Probate Property Sale Procedure
A probate sale is slightly different from a typical sale, and you have to be careful. Read below to find the Probate property sale procedure to avoid any issues.
The property can be appraised with the assistance of an independent certified appraiser. You may find an appraiser by checking in the telephone directory or asking a realtor for a referral. As a result, as real estate investors, we seek out property on probate in Wichita, KS, that has previously been appraised.
Obtain the Petition
When selling a property during the probate procedure, you must apply to the court for probation. So, fill out the petition form and include all pertinent information about the property sale in Wichita, including the sale methods.
Then, with the aid of an expert evaluation, complete the form and wait for court clearance to sell your home. An investor will only purchase a property that has already finished the petitioning process, and we do investigate whether the seller has completed the petitioning process.
Place your Property for Sale
The next step is to list your home for sale. As the estate is on probation, make sure to advise the buyer that the estate will only be sold after you secure the confirmation from the court. An investor only buys the property that has already completed the procedure of obtaining the petition. We do look into the fact that the seller has gone through obtaining the petition.
Seek the Court for Confirmation
As a homeowner, you must obtain court approval to finalize the sale of your Wichita property. You’ll have to wait, based on the state court’s pressure. Proceedings usually take between 20 and 40 days to complete.
Remember to make arrangements and collect 10% of the purchase money from the buyer prior to the court’s court hearing. As investors, we like to guarantee that the seller obtains confirmation from the court as quickly as possible.
Advertise in Local Newspapers
Let people know about the sale and place ads in local media. This is done to make the public aware of the sale while it is in probate. It also provides for open bidding for other interested parties, ensuring that the property is sold at the greatest possible price.
So, if you want to acquire property in Wichita during the probate term, you can bid at the court hearings. The local newspapers are a great source of information on good probate property.
Attend the Hearing
Attend the legal hearing. This is the location where buyers and real estate investors gather to submit bids. The cashier’s check is handed to the court when the final agreement is completed and the bid is confirmed. If there is a new buyer, repay the former buyer’s money and accept the buyer’s deposit when the court has granted its approval.
After the contract has been finalized, we usually pay a portion of the initial fee as a deposit to the court. So, after this, you can complete the contract with the buyer after the above-written steps. Real investors look for property that follows all the procedures and abides by the court’s rules.
Some might say to sell real estate in probate is not a good idea or that it is lengthy. However, after this, you can complete the contract with the buyer after the above-written steps. Real investors look for property that follows all the procedures and abides by the rules of the court.
If you’re looking for a REAL investor to sell real estate in probate to in Wichita, then we can help. Give us a call today at 316-854-1050 or fill out the form below!