Losing someone you love is hard, being around their belongings makes you reminisce about the old times. You have to put up not only with a lot of emotional ups and downs but also with a lot of legal paperwork. The will is opened and you are an inheritor of a property. If you are currently facing such situation then you will find this article useful. Probate property may sound different from other types of property and the common understanding is that it’s hard to sell. There is nothing particularly special about selling probate property, nonetheless, there are some nuances. Without further ado, let’s go over the details of selling a probate property.
Verifying the Will
Well, the word probate already entails that the will has been verified. However, it is no harm to mention it again, the grant of probate needs to be completed before you can proceed to the next steps. Once it is legally established as your property, you should conduct valuations. Specialists suggest doing 3 independent valuations before identifying the final price. Keep in mind that some states in the U.S. have the so-called inheritance tax. There is a fine line between the estate tax and the inheritance tax. Estate tax is based on the total value of the deceased person's estate. While the inheritance tax is based on the value of a specific bequest. Inheritance tax does not have a certain rate or price, it depends on the state, property, owners, and so on.
The 3 valuations come handy here, you can average them and try to include the inheritance tax in the total amount.
*Important Note* Probate properties that are left unattended for more than 30 days are subjects to “vacant property insurance.” Therefore, if you do not manage to sell it under a month then be ready to pay for the insurance.
Getting the Probate Property Ready For Sale
The one thing that distinguishes selling a probate property from other types is the preparatory stage. Why? The inheritors usually do not have enough information about the house. They either moved out or perhaps, have not even lived there. This is quite a problem that needs to be taken care of. Aside from basic makeovers, repairs, and cleanings, I strongly recommend checking electricity and heating systems in particular. It is better to be safe than sorry, the prospective homebuyers will want to take a look at those things. And if they are old and do not work properly then you might not get a good offer. In case you have never lived in that property, you can always talk to the neighbors to find out any special features about the houses of that area.
Most of the time, from the buyer’s point of view, probate properties should be cheap for various reasons. First, the inheritors want to sell it fast and secondly, the properties are old and look bad. With a little intervention, you can change this thought and sell your house at a good price. Just be aware of all the steps and costs.