After facing the loss of a loved one who didn’t have a will or investments protecting against the process altogether. To sell a probate property can mean long drawn out proceedings, especially with larger estates.
It can be costly to go through, so avoid making the mistake of skipping any of the legal requirements which can further tie up your property. Let East Tennessee Home Buyers take the headache out the the process. You’ll need to be patient as the assets of the deceased are analyzed and the rightful inheritors of the estate are determined. Executors may need to liquidate the real estate, leading to the probate court distributing the funds evenly among those beneficiaries.
Should you find yourself in this position, read on for information on how to sell a probate property in Knoxville.
Certain aspects of this real estate law are common among all jurisdictions, for a valid sale, you’ll want to ensure you’ve rigorously followed all of the legalities for selling your probate property in Knoxville.
How To Sell a Probate Property in Knoxville
Your first step will be to locate an independent certified appraiser. You can either reach out through phone listings or word of mouth among probate property real estate professionals in Knoxville. If you’re on a budget, a cheaper option is to look for houses for sale in Knoxville, TN. More specifically, houses that have sold. A quick check from Zillow or Redfin can save you time and money.
Once you’ve obtained your certified appraisal, you’ll next want to proceed by filing a petition with the court to sell the probate property in Knoxville. While filling out your petition, be certain the information includes any pertinent information about the property along with the method that will be used to complete the sale, be it at an auction or on the open real estate market. Submit your petition along with your certified appraisal. Once you’ve obtained the court’s approval, you may then proceed with the sale.
Offer the Property
For sale, with conditions! Now that you can finally take action and sell your probate property to we buy houses Knoxville of other Tennessee home buyers. You’ll want to make certain to disclose to your potential buyer that the court’s confirmation of the transaction is required before you can accept, making the offer conditional.
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. During this time period calling local agents or investment companies like East TN Cash Home Buyers and letting them know you have a property coming up for sale can save you time and money! Until the home is sold, your going to be responsible for utilities, taxes and maintaining the property.
Plan to collect a 10 percent deposit from the buyer at this time, which is based on the purchase price.
Because the ultimate goal of the sale of a probate property in Knoxville 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 other wise known as we buy houses Knoxville to participate in the purchase of the real estate, aiding in raising the final purchase price.
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.
Finally, East TN Home Buyers can close with cash on your probate property in [markte_city]. Remember, we pay all the closing cost and fees & there’s never any commissions!
We’re here to assist you during this difficult time and make the process easy. Call East Tennessee Home Buyers LLC today at (865) 935-8680 or send us a message to sell a probate property in Knoxville.