Houses in probate in Los Angeles usually have a less-than-cheerful background. It’s entirely possible that somebody’s spouse, parent, or relative died without a will, which is why the property is now in probate.
If this unfortunate incident has happened to you, don’t worry. We’ll help you navigate this confusing process so you’ll have more time to process your grief instead of attending to inconvenient matters such as selling your probate house. But first, what is a probate sale and how does it work?
What Is A Probate Sale?
When your relative, whether a parent, spouse, or other family member, dies without a will, it is known legally as dying intestate. The estate, or all the property left behind by the deceased, enters a legal process known as probate. The probate process is overseen by a legal system administered by a probate court, which follows procedures established by each state. To complete the probate process, the personal representative will need to sell the property. The proceeds from the sale will be distributed to the heirs after all debts and taxes are paid.
How Does A Probate Sale In Los Angeles Work?
The process of a probate sale can vary from state to state, but what usually happens is a court will appoint an administrator in the absence of a will. This individual is charged with settling the estate and guiding it through probate. Part of this process involves identifying legitimate creditors of the deceased. The executor will then be charged with selling estate property if it must be liquidated to pay these creditors. The court will typically order an appraisal to set a listing price. To help with the selling process, the administrator will typically hire a real estate agent to list, market, and sell the property.
There are also two kinds of probate sales, namely: auction and offer-based probate sales. An auction type of probate sale occurs on the property, although the sale would still be subject to court confirmation and can be overbid in court. On the other hand, an offer-based probate sale is more of your regular MLS-style listing. An interested buyer usually makes an offer. Once the offer is accepted, it is still subject to court confirmation and can be overbid in court.
If you’ve been appointed as your probate home’s administrator, you would have to go through a long and arduous process of handling inheritance disagreements, sorting through your deceased loved one’s personal finances, reviewing the property’s insurance policy (if any), sorting out taxes, dispensing other personal property of the deceased, preparing the house for sale, and setting the list price of the property before finally selling it.
Tips For Selling Your Probate Home
- Hire a Probate Real Estate Agent: The probate process can be remarkably complex, and it takes an experienced real estate broker to navigate it successfully. If you’re working on a budget, however, it’s also possible to sell the probate property yourself.
- Know the Law: Every state has unique probate laws, and California is no exception. It’s important to study up on your local probate regulations or to hire a probate real estate agent with an intimate knowledge of them.
- Learn Probate Legal Jargon: While having an experienced broker is vital, it also helps to be familiar with common probate real estate terms and the process in general.
However, if you’d rather do away with the long and arduous process of preparing your probate home for sale, you can simply decide to sell it to a direct home buyer like Inhouse Offer.
Sell To A Professional Home Buyer!
Selling to a cash buyer or investor is another way to skip the renovations, and even bypass the listing process itself. With Inhouse Offer, we’ll buy your house directly, in cash.
Here at Inhouse Offer, we buy houses in Los Angeles regardless of the condition. Yes, even probate properties! You don’t have to shell out money to cover renovations and repairs as we buy your home as is. When you choose us as your home buyer, you can expect us to provide you with the best cash offer for your home and ensure a quick, painless close. At Inhouse Offer we buy houses on your terms.
You can either take a step forward into your new life by accepting our fair cash offer, or take your chances with the long arduous process of traditional home selling. To find out more about our quick selling process in Los Angeles, CA, give us a call today at: (951) 824-6730.
