If you own a property, that is stuck in the courts, it can feel frustrating and overwhelming. All of your hard work handling everything should pay off in one way or another. In our latest post, we will help you learn how to sell a probate property in Sevierville!
The probate process is stressful. Selling a house on top of everything else can only add to the frustration. At East Tennessee Home Buyers LLC we can help you with a fair and fast sale of your probate property in Sevierville. Keep reading to learn more about our best tips for selling quickly.
What Is Probate?
Probate occurs when someone dies and heirs receive property listed in a will and the debts of the deceased estate are paid off. If you have to deal with the probate process, it is best to deal with a probate attorney as the process moves through the courts. They will be able to provide you with advice, help you handle debt payments, tax situations, and guide you through an often stressful process. You will need to take an inventory of the estate’s assets and locate all estate planning documents. You will want to notify all creditors and pay off any outstanding debts with money from the estate. There will also need to be income taxes filed, which include a possible inheritance tax. Depending on the situation and if there is a will present, the process can take 6 months to over two years.
Why Would A Probate Home Need To Be Sold?
One of the common questions we get asked here at East Tennessee Home Buyers LLC is why a probate home might need to be sold. There are a few different reasons this could happen, so let’s take a look at some of the most common ones below. One of the primary reasons why a probate home might need to be sold is because there are outstanding expenses that need to be paid. This could include things like unpaid bills, mortgage payments, or other debts that the deceased person was responsible for. In these cases, the executor of the estate may not have enough income coming in to cover all of these expenses. Selling the property can help to raise the necessary funds to pay off these debts and avoid foreclosure.
How It Works
Even if the property was not left to an heir, the executor of the estate will be tasked with handling the sale of the home. An interested buyer must provide a deposit along with a written offer. Before the offer is approved by the courts, the court will ask if there is anyone who would like to make a higher offer for the property. Once the court approves the offer, there be an opportunity to have the property inspected before the sale of the home is finalized. Once this process is completed, escrow will be able to close within only a couple weeks. The proceeds of the sale are used to pay any outstanding debts, with the remaining balances going to the heirs as outlined in the will.
Make Sure Everyone Is Onboard
If there are multiple heirs, it is important to make sure everyone is all on the same page. While the executor of the estate has the authority to list and sell the property, it is best to get everyone in agreement ahead of time. You don’t want to have anyone contest the sale or create problems within a family if you can avoid it.