How do probate home sales work?
Probate home sales are sales that happen when the owner of a property dies, leaving behind a significant amount of debt.
A probate home sale may also become necessary in an instance where the deceased died without a will, or with a will that left the estate to nobody in particular. In this case, it is often the job of the personal representative or estate attorney of the deceased to oversee the sale of the property.
In a probate sale, the estate of the deceased homeowner will be sold off to settle all debts owed during their lifetime or for proceeds and any leftover or profit earned (in the instance that the deceased died without leaving the estate to anyone in their will) will be handed over to their family and any other beneficiary stated within the context of their will (or according to the law if no will was left behind).
Probate home sales are pretty straightforward, but there are a few technicalities that a potential buyer or seller should know about.
How do probate home sales work?
The process of a probate home sale is quite similar to that of a regular home sale, however, in probate home sales, a probate court is required to give approval at a confirmation hearing after the potential buyer makes an offer and the representative or estate attorney of the deceased accepts it.
The process of getting the probate court approval required to close a probate home sale can span as long as 30 days depending on certain variables, as it may take a while to schedule a confirmation hearing.
There are also other things to note about probate home sales; for example, that the price of the property is set by the court, and the court oversees the entire sales process – from the listing to the closing.
If you wish to buy a probate home, then your offer must be accompanied by a minimum of 10% of the home’s total cost as a down payment.
Besides the confirmation hearing, family members of the deceased are required to be notified about the terms of the property sale and given time to comment on it.
In a nutshell, probate home sales are more similar to auctions than regular home sales.
Selling a house in probate Arizona
If you are selling a house in probate in Arizona, then the first step will be to find yourself an experienced real estate agent and file a petition to begin the probate home sales process. If there are creditors that the deceased owed money to, then you must notify them that the probate home has gone on sale.
A seasoned Arizona real estate agent will take the listing up from there. Once a settlement is agreed upon and the sale is validated by the probate court, a date will be set for the sale of the property to be finalized and closed.
Selling a probate home in Arizona with Tgaz Investments LLC
TGaz Investments LLC is a registered and qualified real estate firm with years of experience and practical knowledge in the Arizona real estate market.
If you have a probate house for sale in Arizona, then get in touch with Tammy and her team today by calling (480)-848-7173. You’ll be surprised at what difference having a seasoned Arizona real estate agent makes.
Her extensive network, knowledge, and experience, combined with her unique sales process is designed to see you smoothly through the process of navigating the real estate world and set you well on your way to financial freedom.
Call Tammy today.