Probate is the process of legally changing title of real and personal property to the beneficiaries after the person passes away. If a person passes away and leaves behind property sometimes there is a las will or Testate that determines how what to do with the property. Unless there is a legal remedy in place such as a trust the will still needs to be probated to give legal authority to change ownership. If there is not a will or trust in place then the court appoints an administrator and determines the what will happen to the property.
The property is then reassigned by the courts through the lengthy process of probate. The personal representative is responsible for settling the affairs of the deceased party, including the property.
Sometimes a personal representatives ask, “can a house be sold while in probate in Durham County, North Carolina?“, and the answer is that it can be sold if simple steps are followed.
As real estate professionals and the certified probate experts in Durham North Carolina, Estate Pro Service, LLC advises sellers to go through the following steps and also suggests other investors check the procedures when they go for buying property on probate period in Durham.
Can a house be sold while in probate in Durham County, North Carolina? Yes, but make sure to follow these steps first!
Property Appraisal
As part of the probate process, you will need to have the deceased parties assets evaluated. With the assistance of the independent certified appraiser, a property can be appraised and the property evaluation can be assigned. In some cases dictated by the will and other times dictated by state law a property can only be sold at a certain percentage of the assessed value. We can help you locate a third-party independent appraiser to have an official evaluation. At times, you can also use the z-estimate provided by Zillow, although these estimates can be inaccurate.
Obtain the Petition
When you are in the process of selling the property during the probate period you have to seek probation from the court. So fill out the petition form and provide all the details related to the sale of the property in Durham along with mentioning the methods of sale. Again, we are here to assist you with the gathering of information. Feel free to reach out!
Then with the help of the independent appraisal, fill out the form and wait for the approval from the court.
Place your Property for Sale
Next step is marketing sure you market the property for sale. Be sure to inform the buyer that the property being sold is contingent on approval through the probate process. Depending on your needs you usually have the following options. Each options is based on the time and convenience you are hoping to afford.
- Quick cash sale: convenience and ease traded for a discounted price
- As is on the market sale: usually sold slightly below market for a shorter sale cycle
- Traditional market sale: usually for people seeking to get the most equity from the sale, however takes more time and may require rehabbing and repairing the property
- Terms: there are several options that can benefit the seller and buyers that provide flexibility and tailored terms for parties involved.
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Seek the Court for Confirmation
The buyer will need to seek the court for confirmation to confirm the sale of your property in Durham County. Generally, hearings take place within a period of 20 to 40 days. .
Advertise in Local Newspapers
Publicly inform others about the sale and advertise it in local newspapers. This is done so that the public is informed about the property sale during probate period. It also allows open bidding for the other interested people so that the property gets the best price. So if you are seeking to buy property on probate period in Durham, you can bid in the court hearings. We often come to know of good property on probate through the local newspapers.
Attend the Hearing
Attend the hearing of the court. This is the place where bids are done and buyers and real estate investors come for bidding. After the final agreement is done the cashier’s check is given to court after the bid is confirmed. If there is a new buyer, refund the money of the previous buyer and take the deposit of the buyer after the confirmation has been given by the court… We tend to always pay some money as a deposit of the original price, to the court after the contract has been confirmed.
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 real estate professional home buyer to buy your property in Durham County, then we can help.