What is probate property?

People enjoy owning and accumulating assets. Upon death, that right is forfeited, and our assets and properties are passed on to someone or the state.

There are two ways assets are transferred after death. One is out of court transfers and the other one is in court transfers. An insurance beneficiary  is a great example of an in court asset.  When assets or properties pass through the court, it is referred to as probate property.

To sell or to keep

Acquisition of a probate property is usually preceded by death and mourning. In such a sad and difficult time, many beneficiaries opt to sell the property.

Probate homes are appealing to many buyers since they are usually sold for a lower market value. The bargain price can be attractive compared to a conventional home for sale. Also, many probate homes are rich in history and character, something that many buyers prefer.

If you have been named an executor and the home has no direct beneficiaries, one of your options is to sell the home and to distribute its proceeds among the beneficiaries.

Seek the best assistance

Selling a probate property is just like selling any property.  One of the first things you must do once you’ve decided to sell the real estate property during probate is to ask assistance from an experienced Realtor® like me, Nancy Braun. You want someone who understands the language, the process, and can clearly communicate on your behalf.

A Realtor® has more experience when it comes to selling probate property, which will help easily sell  the Charlotte real estate property you are managing.

The selling process

Here are several things you need to know about the selling process.

1. You need to have the property appraised. In order for you to come up with a listing price, you need to have the property appraised by a professional and independent appraiser. The listing price will be based on both the valuation of the agent and the result of the appraisal.

2. You need to get a court approval to sell the property. Unlike a conventional home sale, you need the court’s green light before the house can be legally sold.

Fill out the petition form, ensuring that all property related information is accurate and correct. Include the appraisal and how you plan to sell the home, either by auction or through an open market sale, then wait for the court’s decision.

3. The home will be marketed like any other home for sale. One of the similarities of a probate property and a conventional home for sale is the aggressive marketing the Realtor® will make. You will see the home on listings, but the buyer’s agent will know if it's a probate property.

4. Probate buyers will want to haggle the price, and you might be tempted to sell it for much lower especially if you  are not interested in the property, but the selling price should be at least 90% of the Charlotte home’s market value.

5. The buyer will need to pay a 10% deposit on the purchase price, but you are under no obligation to accept the offer.

6. You need to finalize the sale in court.

7. All beneficiaries will be sent a Notice of Proposed Action. If there are no disputations, the court will proceed and finalize the sale.

Selling a probate Charlotte home  is challenging if you are going to do it on your own. It’s a good thing there are professionals who you can turn to and who will make things easier for you.

Need help selling your probate home? Call me, Nancy Braun at  704-997-3794. My team and I at Showcase Realty are here to assist you.