Probate sales are a way for heirs to quickly sell the property without going through the process of probate court. To find out how probate works in your state, you should contact an attorney or do research online. In Grand Rapids, Michigan, probate sales are widespread and provide a safe way to get rid of a property that has been passed down from family member to family member over the years. However, it is essential to learn about what you can expect before attending a probate sale, so there are no surprises!
Why do people sell property through a probate sale?
People sell property through a probate sale for many reasons. The most common sense is that they are in a hurry and do not want to wait or cannot afford the time it takes to go through probate court before selling. Probate sales also start quickly so that heirs can get on with their lives without waiting months on end for probate courts to finalize their estate.
How does it work, and what are the steps involved in a probate sale
The first step in a probate sale is to get the property appraised by a certified appraiser (must be approved by the probate court). This is important for the date of death valuation, which is essential for recording the property’s value for tax purposes.
After getting the property appraised, the executor of the will, or if no executor, a family member designated by probate court (usually an heir), needs to file for approval from probate court before they list and sell the property.
Once permission has been given to list and sell property, it must be advertised in a newspaper. For example, suppose a probate house is sold through an auction. In that case, the executor or designated family member will need to provide information about the property, such as the location of the lot and size in square feet, number of bedrooms and baths, any recent updates, or upgrades made to the inside of the home. Because you likely did not live in this property, buyers can ask you to do any unexpected repairs that you may be unaware of if not disclosed.
The pros of selling your home through a probate sale
Selling your home through a probate sale comes with a few pros.
Probate sales are typically more straightforward to get rid of the property (depending on the legal situation). A second pro of selling your home through probate is that you will not have to work on it or improve it before putting it up for sale and can sell as-is.
The cons of selling your home through a probate sale
One drawback to probate sales is that they will likely be sold for a lower price than what they would be in the open market. Another con of selling through probate is that it will be harder to find a buyer.
If you want the optimum value for your property, you may not want to sell through probate. Some buyers are hesitant about buying from an estate and prefer open market homes to see more choices in price range and style.
Other options of selling your home quick and easy
If you don’t want to go through multiple intermediaries and have a drawn-out selling process selling to a local investor or professional home buyer may be a great idea. You can sell your home fast with as little hassle as possible. Plus, they will often buy houses in any condition and offer the best price for them.
Nine tips you should know about probate sales in Grand Rapids
The process can be complicated, but here are nine things you should know about probate sales in Grand Rapids, Michigan.
1.) learn who gets notified of your death and what happens next: A lot of stuff may occur after someone passes away. Not only does the family need to inform people and plan a funeral, but they also have to figure out what happens with all their assets
2.) The executor of your estate will take care of probate court proceedings. The probate process is overseen by an appointed or elected probate judge who decides how the deceased person’s property should be distributed among heirs. This can resolve internal family disputes and arguments about who gets what.
3.) The probate process may take months or even years to complete. What happens after the executor of your estate takes care of probate court proceedings? They are legally responsible for managing all affairs until they get approval from a probate judge that everything went according to plan and then distributed what’s left among heirs. The process can be time-consuming and frustrating, especially when the real estate market is shifting rapidly.
4.) Probate Sales in Grand Rapids, Michigan, can be a cost-effective way for heirs and beneficiaries to acquire property left behind after the death of their loved one without waiting for the probated process. These properties may have been owned by someone who lived in a different state.
5.) A popular alternative option is to sell your property directly to an investor or “we buy houses Michigan” company. They give you a fair cash offer on your house fast and will be able to help out with any legal complications along the way. They will also cover all closing costs and purchase the home, making it a simple way to sell a probate property.
6.) Some people are more comfortable with the probate process and may want to wait for their property to sell officially.
7.) The advantage of a probate sale is that it can occur at any time, but there are some disadvantages. First, you will need to pay court costs associated with this type of transaction, including filing fees and probates taxes in the Grand Rapids, Michigan area. Next, if your home has collateral on it, such as a mortgage or equity loan, then you’ll likely forfeit those funds by proceeding with the probate sales process.
8.) You will need to find a buyer willing to purchase the property as-is with whatever liens and debts are on it. Probate sales often occur after an executor (someone appointed by the court) has done all of their research to determine what needs completing before they bestow ownership upon someone else or sell at a public auction. In some cases, probates can take up to eighteen months or more when a house is being sold with liens against it because nobody wants this type of distress sale; if there’s no one interested in buying your home for cash, then only those looking for fixer-uppers might be your best bet. But for most people seeking a fast turnaround on their probate property, receiving cash quickly is worth working with a local investor or professional home buyer.
9.) Beware of scams should you be looking at doing the work independently, as they can come in many different forms. First, there are the scam artists who pose as executors and offer to sell or buy probates without any authority whatsoever but with plenty of chatty conversation and charm; then there are those seeking help buy homes that have liens against them because their loved one died before paying off the mortgage so they cannot qualify themselves for a loan (usually these people want all cash). Also, keep an eye out for shady lawyers who claim they’ll take care of everything when it comes time to transferring ownership. Then, once you get your money from probate sales, they can put a lien on the property to charge you for the costs of their services.
Cash offer on your home
Looking for a quick and simple way to sell your home for cash? Try searching for a local reputable “we buy houses” company or investor to get a cash offer on your probate property. There are usually plenty of investors willing to take a look at your home for you and do all the work to close the sale. So even if you are out of state or don’t want to show up at home, they will still be able to purchase your home.
We buy houses in Grand Rapids Michigan
Partner with Connect Home Buyers; we have been buying and selling real estate in Grand Rapids, Michigan, for years and have built a dedicated team to help you find the best solution when it comes to inherited or probate properties. We know the Grand Rapids market very well and can expedite and simplify the entire home selling process for free. Get started today by clicking here.