What is probate and can a house be sold while in probate? Probate is the process of reassigning the property to a beneficiary or beneficiaries after the property owner dies. When a person passes away they not only leave their loved ones behind, but their property as well. Sometimes there’s will left behind by the person and sometimes there’s not.
Whatever the situation may be, the property is reassigned to the heirs by the court of law, and this extensive process is known as probate.
Sometimes a question arises, “can a house be sold while in probate in Dallas / Fort Worth TX?“, and the answer is yes, a house can be sold while in probate if simple steps are followed. As real estate investors in Dallas / Fort Worth TX, Madison Lea Homes advises sellers to go through the following steps. We also suggest that other investors make sure they’re aware of the proper procedures to follow when they set out to purchase property during the probate period in Dallas / Fort Worth.
So can a house be sold while in probate? Here’s what you need to know…
Can a house be sold while in probate in Dallas / Fort Worth, TX? Yes, but make sure to follow these steps first!
Property Appraisal
With the help of an independent certified appraiser, a property can be appraised. You can look online for a property appraiser or find one by contacting a real estate agent for their recommendations.
So, as real estate investors, we look for buying property during the probate period in Dallas / Fort Worth TX that has already sought out a property appraisal.
Obtain the Petition
When you want to sell the property during the probate period, you’ll have to seek approval from the court by filling out a petition. Fill out the petition form and provide all the details related to the sale of the property in Dallas / Fort Worth along with mentioning how you’re planning on selling the property.
Then with the help of the independent appraisal, fill out the form and wait for the approval from the court.
An investor like Madison Lea Homes only buys property that has already completed the procedure of obtaining the petition, and we want to make sure that you, the seller, have already gone through the proper procedures with the court. If you haven’t gotten started with this process yet, you can still contact us, and we’ll help direct as best as we can.
Place your Property for Sale
Next step is placing the property up for sale. So if you’ve asked if a house can be sold while in probate, well, yes it can! It’s important that you inform the buyer about the fact that the property will be sold only after confirmation from the court as it is in probate. Rea estate investors only buy the property that is on sale after seeking court petition. If your property matches these conditions then we might be able to take it off your hands and quickly.
Fill out the form to see if your Dallas / Fort Worth property qualifies for a quick all cash offer.
Seek the Court for Confirmation
As a buyer, you have to seek the court for confirmation to confirm the sale of the property in Dallas / Fort Worth. Generally, hearings take place within 20 to 40 days. It’s important to note that you should collect 10 percent of the price from the buyer before the date of the hearing from the court. As investors ourselves we tend to ensure that the seller seeks the court for confirmation as soon as possible. Can a house be sold while in probate? Keep reading…
Advertise in Local Newspapers
Place an ad in the local newspapers notifying others of your intention to sell the property. This is done so that the public is informed about the property sale during the probate period. It also allows for open bidding for the interested people and this allows the property to be sold for the best price possible. So if you are seeking to buy property during the probate period in Dallas / Fort Worth, you can bid in the court hearings. We often come across properties in probate through the local newspapers in the area.
Attend the Hearing
Did you know that you can attend the court hearing? The court hearing is where bids are made and buyers and also real estate investors show up to make bids on the property. After the final agreement is made, then the buyer gives a cashier’s check to the court after their bid is confirmed. If a new buyer ends up buying the property out from under the initial buyer, then the deposit of the original buyer is refunded once the confirmation has been made by the court. At Madison Lea Homes, we often pay a deposit of the original price to the court after the contract has been confirmed.
After this entire process, you can complete the contract with the buyer. Real investors look for property that follows all the procedures and abides by the rules of the court. We’re not interested in trying to find a work around. It’s important that everything is done properly and in order. Any real estate investor trying to skirt around the system in any way…you should be leery of them, and work with someone else. We live in TX, we shop here, we eat here, we play here, and this is our home. At Madison Lea Homes, it’s important that we run our business ethically and go about things the right way in every transaction.
So we’d love to make an offer on your inherited property in probate, but we’ll certainly want to go about things the right way from start to finish. If you’re uncertain about the process, just call us. We can help you get started with the process even if you haven’t done anything yet, but receive notification that you’ve now inherited a property after the loss of a loved one.
If you’re looking for a REAL investor to buy your property in Dallas / Fort Worth, then we can help.