After facing the loss of a loved one who didn’t have a will or investments protecting against the process altogether. To sell a probate property can mean long drawn out proceedings, especially with larger estates.
It can be costly to go through, so avoid making the mistake of skipping any of the legal requirements which can further tie up your property. You’ll need to be patient as the assets of the deceased are analyzed and the rightful inheritors of the estate are determined. Executors may need to liquidate the real estate, leading to the probate court distributing the funds evenly among those beneficiaries.
Should you find yourself in this position, read on for information on how to sell a probate property in Southwest Michigan.
Certain aspects of this real estate law are common among all jurisdictions, for a valid sale, you’ll want to ensure you’ve rigorously followed all of the legalities for selling your probate property in Southwest Michigan.
How To Sell a Probate Property in Southwest Michigan
Certified Appraiser
To start the process of selling a probate property in Southwest Michigan, your first step should be to find an independent certified appraiser. You can search for appraisers through phone listings or seek recommendations from real estate professionals who specialize in probate properties in the area. This will ensure that you get an accurate appraisal of the property’s value, which is essential for setting a fair asking price and attracting potential buyers. Once you have the appraisal in hand, you can move forward with the sale process with more confidence.
Petition
Once you have received the certified appraisal, the next step in selling a probate property in Southwest Michigan is to file a petition with the court for permission to sell the property. When completing the petition, it’s crucial to provide all relevant information about the property and specify the intended method of sale, whether it’s an auction or traditional real estate market. Attach the certified appraisal to your petition, and wait for court approval before proceeding with the sale. By following this procedure, you can ensure that you comply with all legal requirements and avoid any potential issues during the sale process.
Offer the Property
If you’re selling a probate property in Southwest Michigan, it’s crucial to disclose to potential buyers that the court’s confirmation of the transaction is required before you can accept any offers. This means that any offers made on the property will be conditional on the court’s approval, and the sale may not proceed until this condition is met. It’s important to be transparent with potential buyers about these conditions to avoid any misunderstandings or legal issues down the line. By communicating clearly with buyers, you can ensure a smooth and successful sale of your probate property.
Court Confirmation
After submitting your petition to the court to confirm the sale of your probate property, it’s common to experience delays in getting a hearing on the court’s calendar. These delays can range from 20 to 40 days from the filing date, depending on the court’s schedule and workload. It’s important to be prepared for these potential delays and to remain patient throughout the process. By working closely with your attorney and other professionals involved in the sale, you can ensure that everything is in order and that you’re ready to move forward as soon as the court confirms the sale.
Deposit
When the court confirms the sale of your probate property, it’s common to collect a 10% deposit from the buyer, which is based on the purchase price. This deposit serves as a guarantee of the buyer’s commitment to the purchase and can help ensure that the sale proceeds smoothly. It’s important to have a clear plan in place for collecting the deposit, including the method of payment and the deadline for payment. By communicating clearly with the buyer and having a solid plan in place, you can minimize any potential issues and ensure a successful sale of your probate property.
Advertise
Because the ultimate goal of the sale of a probate property in Southwest Michigan is to garner the highest amount possible for the estate, you must advertise your court hearing to the general public for a process known as open bidding. This allows any additional interested parties to participate in the purchase of the real estate, aiding in raising the final purchase price.
Court Hearing
Now you’ll need to attend the court hearing and wait until the unconditional bidding has concluded and a cashier’s check is presented for the final figure. Your buyer will be able to participate along with any member of the public who so chooses, bids increase by $500 at a time.
Refunding the Deposit
Should a new buyer overbid your buyer during the court proceedings, be prepared to refund their 10 percent deposit. Otherwise, should your original buyer maintain the highest bid, the funds you previously collected from them would be applied to the purchase.
Closing
Finally, you can close on the contract for your probate property in [markte_city]. Be certain that the costs of the property are covered by the financing. You’ll also be responsible for placing the full amount into the estate fund.
We’re here to assist you during this difficult time and make the process easy. Call I Buy SW MI today at (231) 392-3262 or send us a message to sell a probate property in Southwest Michigan.