If you own a property, that is stuck in the courts, it can feel frustrating and overwhelming. Even with the help of a probate attorney, the process will often seem excruciatingly slow. Oftentimes, you will want to sell a probate property instead. All of your hard work handling everything should pay off in one way or another. In our latest post, we will help you learn how to sell a probate property in Lincoln!
The probate process is stressful. For many of you, it will also be an entirely new process. Selling a house on top of everything else can only add to the frustration. At Sell Lincoln Mobile Homes we can help you with a fair and fast sale of your probate property in Lincoln. We can help you sell your mobile home fast and keep as sane as possible. Keep reading to learn more about our best tips for selling quickly.
What Is Probate?
Probate occurs when someone dies and heirs receive property listed in a will and the debts of the deceased estate are paid off. If you have to deal with the probate process, it is best to deal with a probate attorney as the process moves through the courts. They will be able to provide you with advice, help you handle debt payments, tax situations, and guide you through an often stressful process. Hopefully you were with a property in good and orderly financial condition so the situation won’t be too confusing. You will need to take an inventory of the estate’s assets and locate all estate planning documents. You will want to notify all creditors and pay off any outstanding debts with money from the estate. There will also need to be income taxes filed, which include a possible inheritance tax. Depending on the situation and if there is a will present, the process can take 6 months to over two years.
Your probate attorney will be able to provide more detail on your specific situation.
Why Would A Probate Home Need To Be Sold?
When a person dies and there are outstanding expenses owed or ongoing expenses such as a mortgage payment, the property or estate may not have enough income to pay these debts. The executor of the estate may be forced to sell the property in order to avoid foreclosure. If the house is not required to be sold by the court, you will need to wait until the probate process is completed before attempting to sell the house.
However, you can plan ahead by speaking to one of our team members and giving them the property basics. We will be able to provide you with a tentative offer, so you can know what to expect once your house has cleared the probate process. And then, once it’s cleared the process you will be able to sell your mobile home fast and get on with your life.
How It Works
This is process to sell a probate property. It can be a daunting process (even if you want to sell your mobile home as fast as possible, it’s not as simple as listing it on Facebook or Craigslist), but it’s good for you to understand so you can plan and prepare.
Even if the property was not left to an heir, the executor of the estate will be tasked with handling the sale of the home. An interested buyer must provide a deposit along with a written offer. Before the offer is approved by the courts, the court will ask if there is anyone who would like to make a higher offer for the property. Once the court approves the offer, there be an opportunity to have the property inspected before the sale of the home is finalized. Once this process is completed, escrow will be able to close within only a couple weeks. The proceeds of the sale are used to pay any outstanding debts, with the remaining balances going to the heirs as outlined in the will.
Make Sure Everyone Is Onboard
As you can tell from the description above, the process can become quite complicated. It gets even more complicated if there is more than one heir. If there are multiple heirs, it is important to make sure everyone is all on the same page. Even though you may need to sell fast, it’s important to build consensus. While the executor of the estate has the authority to list and sell the property, it is best to get everyone in agreement ahead of time. You don’t want to have anyone contest the sale or create problems within a family if you can avoid it.