Selling Probate Property in Las Vegas, Henderson, and Boulder City
If someone you know has recently died and has left behind a property, it may be a probate property. Probate is a process to sell a property that begins after the owner dies. A court will settle the deceased’s estate and sell or distribute assets to those with legal claims such as spouses or family members. Probate can be a very simple process when the deceased left a will. In the case that a will is involved, all the courts will do is divide their assets according to the deceased legally documented wishes and if those wishes are unclear, they will try and determine the intention of the will. If there is no will, the process may be complicated and a little overwhelming if there are many claiming to have a right to the deceased’s property.
Looking for a real estate agent experienced in selling probate properties? Contact us at 702-509-1446!
It is also during probate that a court will determine whether or not a questioned will is valid and sometimes the court will settle the estate of the deceased person themselves. The estate will be administered in the case that the courts have to settle the estate themselves.The estate that the courts are settling include everything that the deceased person owns. Keep in mind that courts usually require information such as death certificates, their assets and will within 30 days of the person’s death.
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Selling a probate can be more difficult than a traditional sale as the courts are also involved. Below is a list of things that will be different when selling a probate property in Las Vegas:
- When your real estate lists the property, they must include that it is a probate sale.
- When signing listing documents, only the individual elected by the court handling the probate case can sign. Any other signature is void and useless.
- All contingencies must be completed during due diligence (due diligence period is agreed on in the purchase agreement, and is usually 10-14 days). This is the first 10-14 days of escrow when a buyer can back out without losing his earnest money deposit. If the buyer wants anything fixed, it must be fixed before those 10-14 days are ended or he will lose out. There are many other contingencies other than repairs that can be requested by the buyer, and in every case they must be completed in the first 10-14 days.
- You will need an attorney when selling a probate property. This attorney will represent you in court and will post a notice of sale in a legal news outlet. This notice will include a description of the property and how, when and where to bid on the home.
- All offers on home must be notified that the home sale is based on court approval and that it is a probate property.
- Buyers will need to come to the court, preferrably with their real estate agent when the home is bid on. The time and place can be provided to them by your real estate agent or attorney. If they do not come, another buyer could offer more for the home and the previous buyer would be out of luck.
- If a buyer is outbid at court, they will receive their earnest money deposit back as well as refunds for anything spent on inspections.
- Unless a buyer is outbid at court, they cannot receive their earnest money back. If they decide to cancel the sale of the home, the EMD will go toward costs of attorney fees, and not toward the deceased's family or those included in the will.
- If a buyer is not outbid, after due diligence the buyer’s appraisal, or the professional opinion of how much the property is worth, will be discussed in court. If the court approves, the sale will continue and escrow will close if there are no further complications with the house or the buyer’s finances.
Interested in finding out how much your home is worth? Contact us at 702-509-1446 for a free home valuation!
One thing to realize is that every probate property is different. There are so many variables when selling a probate property that it is very important to hire a real estate agent who has experience selling a probate property. If the real estate agent does not know what he is doing, it can make the whole deal very complicated and lengthen the time it takes to sell the home. When selling a probate property, be sure to contact the Klinger Group at Nevada Desert Realty. These professionals have been real estate agents almost 15 years and have years of experience with probate cases. Be sure to contact them at 702-509-1446 to learn more.
