If you’re thinking about purchasing a probate property in Oceanside, here’s some helpful information to help clear up any burning questions.
What Is Probate?
Probate is the legal process that occurs if a homeowner dies and their property wasn’t in a trust or was owned by another person who doesn’t have full rights of survivorship. In most cases, probate real estate needs to be sold so the proceeds can be split up between beneficiaries if it wasn’t indicated in the will. The first thing you need to determine where probate sales occur is to figure out which municipality the property is located in.
Probate generally needs to be carried out in the county where the property is located, so you will need to hire a lawyer. They will examine the owner’s will and draw up the paperwork, which is then taken to court. The judge usually decides who inherits the real estate based on what was written in the previous owner’s will, though they rarely rule against the owner’s final wishes.
Who Pays For Probate?
Generally, the cost of probate is split between the heirs at settlement. You can either pay for the probate out of pocket or have it taken care of at closing. The executor of the estate will establish a listing price for the property, negotiate a sale price, and sign a sale contract.
The lawyer who is handling your estate will subsequently submit an invoice to the title firm conducting the real estate transaction. The probate will be deducted from the proceeds of the property’s sale. Their fee may range from a few hundred to well over a thousand dollars, depending on your state and property’s worth.
Can I List Probate Real Estate?
You are unable to list or sell the property before the probate process is completed, and you will need court approval to do so. Once it is listed as available, you may receive offers and draft a contract; however, the sale cannot be finalized until probate has wrapped up. The title company becomes aware of who can legally sell the property once the probate case has been filed.
How Much Should I Sell For?
The first step to know how much your house is worth in the real estate market is to have it appraised. Check your area to find professionals or companies who can help you appraise your property. This will give you not only an idea of what potential buyers might be willing to pay, but also any necessary disclosures about problems with the property structure. Probate cost must also be considered when selling a property that has been left behind after someone has passed away.
If you own a vacant lot, make sure the offer covers the costs of probate. The cost of having the probate procedure completed is usually significantly less than the selling price for houses and other types of real estate. If you want to sell your probate property quickly, consider listing it at lower market comps or at appraisal prices; this will guarantee that offers come in quickly.
I’ve Accepted An Offer, Now What?
After you’ve successfully negotiated a price with the buyer, it’s time to sign the contract. Ensure that the buyer has gone through the document thoroughly and that anything that needs to be signed isn’t left out. If any of the terms confuse you, reach out to a real estate lawyer for help so they can walk you through everything and ensure that all riders are accounted for. Once escrow is open, provide the title company with the probate lawyers’ invoices so they’re able to pay them using your share of the proceeds.
Understanding probate real estate in Oceanside can be complicated, but consulting with professionals can help you ease into the process and quickly sell your property. Ignite Property Solutions can help you avoid dealing with the consequences of a family member’s death and help take your next steps. We buy houses in Oceanside, CA in any condition, including probate. In case you want to profit off your probate estate, you can easily do so in just two weeks if you speak to us.
To learn more, contact Ignite Property Solutions now at (760) 472-5566.
