Are you tasked with selling a piece of real estate that is still involved in probate? Executors and personal representatives for estates that need to liquidate a house or commercial property often need to act quickly and decisively to complete the sale and distribute the funds to heirs. What can help you ensure your transaction goes as smoothly as possible? Here are five tips for every executor.
1. Choose a Probate Pro
Real estate in probate has different rules and procedures than other pieces of property. So you need not only an experienced and professional real estate agent but also one that specializes in this type of property. They will help you avoid unnecessary delays and make sure you follow the right steps.
2. Make Necessary Disclosures
Material disclosures are mandatory statements letting potential buyers know about structural or location issues that affect the home. Executors may not know the details of the property, so they should work with professional inspectors and experienced real estate agents to find out what needs disclosing and how. Not doing this properly can result in failed sales and even legal liability.
3. Get the Process Started
Probate can take a long time, and you will be at the mercy of the court system for many actions — including selling property. So, get the probate process legally started as soon as possible so you can get the needed court dates and approvals. In addition, make sure you request and receive proper court permission to initiate the home sale early in the process so you can get started.
4. Maintain the Home
As an executor, you have a fiduciary responsibility to maintain the property while it's in your care. Good maintenance and a few repairs will also help speed the sale and ensure a good price for the heirs. Consult with your real estate agent to determine what you should prioritize to get the most return on the estate's financial investment in repairs and maintenance.
5. Find the Right Balance
Most people selling real estate focus on either getting a quick sale or the best price. An executor should determine the estate's priorities between these two often-conflicting goals. If the estate needs the best price, more preparatory work may need to be done to get a quick sale. If speed is of the essence — especially if state laws require it — the estate may have to sacrifice some profit.
Want more suggestions for a quick and smooth sale process for your probate property? Start by consulting with an experienced probate realty in your state today. Together, you can find the best path forward no matter what the needs of the estate or the property. Contact a probate real estate service for more information.Share