Selling a probate property can be very stressful. When the fiduciary/beneficiary duties of handling a deceased loved one’s estate fall to a family member, the experience can be overwhelming . The temptation is just to get through it all as quickly as possible and settle the estate. When selling a probate property, the family may just choose the first agent recommended to them. However, that could be a huge mistake. Selling a probate property is a complex, lengthy, court-involved process that calls for the services of an agent who specializes in probate real estate sales. Let’s look at the benefits of selling a probate property with a qualified Long Island agent who has the niche knowledge and training.
Chief Benefits of Selling a Probate Property With a Babylon and Surrounding Areas Agent
There are many benefits of using a qualified real estate agent to sell a probate property on Long Island.
- Development of marketing and sales strategy to ensure the quickest sale and greatest ROI possible, for example, determining whether a sale through wholesale or retail markets is the better route.
- Preparing you for and building into the strategy ways to meet unexpected obstacles and other contingencies for speed, less stress, and greater return.
- Ensuring the plan/strategy is carefully crafted to meet the special requirements and legal obligations involved in selling a probate property in accordance with the probate laws in New York.
- Working closely with and coordinating the many parties involved in selling a probate property and offering you encouragement and emotional support when needed.
- Assistance with preparing the home for sale, handling such things as repairs, upgrades, and decluttering, while dealing with contractors and other professionals who won’t be paid until the estate closes.
- Pricing the property correctly and effectively marketing the property to create massive exposure.
- Scheduling showings, negotiations, necessary paperwork , follow up, and a multitude of other engagements necessary for the smoth sale of a probate property.
Courts and Attorneys
As mentioned earlier, many people’s first reaction, when they first discover just how complex and drawn out the process can be, is to just get the property listed and sold as soon as possible. Not only is this usually a mistake, but it can also land you in legal hot water. Selling a probate property is much different from a traditional home sale.
Even if you are named as the estate’s executor in the will, you don’t have any legal authority to enter into a real estate deal until the court officially appoints you as the estate’s personal representative at the first probate hearing. “This means that you cannot list the house or even sign a listing agreement with your probate agent until you have authorization from the probate court. To get this authorization, you need to have a probate attorney file a petition to probate with the probate court and then wait until you’re granted rights at that first hearing” (HomeLight).
The first professional you’ll need to hire in selling a probate property is a probate attorney. You will then need to hire a real estate agent experienced in probate sales. One of the benefits of using a qualified Long Island agent at this point is that she can help you get the house ready for sale and perform a comparative analysis to arrive at fair market value while you are waiting for authorization from the probate court.
The probate process requires filing of critical documents and legally mandated timelines . All professionals involved in the process will be paid from the proceeds of the sale once the property is liquidated and the surrogate court judge closes the case.
Selling a probate property on Long Island includes a host of legal intricacies that your agent can help you organize and prioritize. Potential buyers must be informed that a sale will be finalized only on court confirmation.
“A court confirmation hearing will be scheduled once an offer is made. While waiting for the hearing, the probate sale must be advertised with the offered price in the local newspaper. This is to inform other potential buyers who will have the opportunity to bid for the property at the actual court hearing” (ActiveRain).
If other interested buyers are present during the court hearing, an actual bidding process, conducted by the court, will take place. On conclusion the probate court will confirm a final buyer which allows the executor of the estate to complete the sale. Selling a probate property, requires familiarity with procedures that a qualified Long Island Real Estate agent will be able to navigate.