Selling a San Fernando Valley Probate Property
You are wrong if you think you can immediately sell the property of your deceased parents, spouses, or relatives. There’s a process to settle things specifically like this, and that’s probate.
Probate refers to the legal procedure after a person has passed away and involves the distribution of their assets per their Will. When there is no legal will, the recipients of the asset are often chosen by the court that oversees the administration of the estate.
The typical process of San Fernando Valley probate property selling is not the same as selling a house not in probate. It is essential to remember that if you are selling real estate in the San Fernando Valley that is part of probate, there are various stages you need to follow and complete before you can sell the property effectively.
Southern California Probate Property Selling Guide
Here is the step-by-step guide on how to sell a probate property in Southern California the easier and usual way:
- Property Appraisal
To properly appraise the property, you will first need to establish an assessment of the asset’s current market value in the estate. Property appraisal can be done with the assistance of a certified appraiser or probate real estate agent. - File a Petition
Probate sales depend on completing a probate petition form. This stage requires property selling documentation. The court will evaluate the Will and notify all beneficiaries after filing a petition. - Marketing
Before selling your property in probate, you must have the court’s approval. You cannot market and sell probate property without court clearance. - Attend Hearings
With possible buyers interested in the property, a court hearing will be held for bidding, discussions, and contract signing. - Confirm the Contract
The court gets the cashier’s check after confirming the bid.
Selling and buying a probate property requires knowledge and experience in probate properties. If you don’t have enough background in probate, you’ll most likely find everything hard to handle. Hiring probate real estate agents and lawyers is important for sellers and buyers to maximize gains and minimize losses.
What to Expect?
When selling a probate property, you must know it differs from the usual home selling process. There is court involvement, and sometimes it takes time to find a prospective buyer.
The process of acquiring permission from the court to sell a probate property is sometimes long and taxing; on top of this is another waiting game for prospective bidders. This is why working with a probate attorney and probate real estate agent is crucial, for their expertise will help you save time and resources.
Who is a real estate agent who deals with probate? Qualified probate agents are licensed real estate agents who have completed training via the United States Probate Services and earned the Certified Probate Real Estate Specialist (CPRES) designation. Working with them will higher your chance of selling the probate property quickie and smoothly. They will guide you throughout the process until the contract signing and property transfer.
Get more information about the probate process in San Fernando Valley with our help. We’d love to hear your thoughts and help you with your concerns.
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