There is nothing more difficult that the loss of a loved one. During that time there are many emotions and even more challenging hurdles you must clear to settle your loved ones estate. As real estate professional, we understand one of the most difficult and lengthy processes to go though is how to sell a probate property, particularly when a loved one has passed away without leaving a will or financial safeguards in place. This situation is commonly knows as leaving ‘intestate’ or without a will and can lead to protracted legal proceedings and significant expenses to you and your family who have been left to sort out the estate. To ensure a smooth and successful sale, it’s crucial to follow all the legal requirements diligently. In this guide, we’ll provide you with valuable insights on how to navigate the sale of a probate property in Reston.
- Certified Appraiser: Your first step is to locate an independent certified appraiser. You can do this by searching through phone listings or seeking recommendations from real estate professionals who specialize in probate properties in Reston. An accurate appraisal is essential for establishing the property’s market value.
- Petition the Court: Once you’ve obtained the certified appraisal, the next step is to file a petition with the court to sell the probate property. Ensure that your petition includes all relevant information about the property, as well as the proposed method of sale, whether through an auction or on the open real estate market. You must also submit your certified appraisal with the petition. Once the court grants approval, you can proceed with the sale.
- Offer the Property: When you’re ready to put your probate property on the market, it’s crucial to inform potential buyers that the sale is conditional on the court’s confirmation. This ensures that all parties are aware of the legal requirements.
- Court Confirmation: After petitioning the court for a confirmation hearing, be prepared for potential delays, as court calendars can range from 20 to 40 days from the filing date depending on the county or city you live in. During this time, it’s advisable to collect a deposit from the buyer based on the purchase price to cover your expenses in the event the buyer backs out.
- Advertise the Sale: To maximize the estate’s proceeds, you should advertise the court hearing to the general public. This process, known as open bidding, allows additional interested parties to participate in the purchase, potentially increasing the final purchase price.
- Court Hearing: At the court hearing, you will need to wait until the unconditional bidding phase has concluded, and a cashier’s check is presented for the final bid amount. Both your original buyer and any other interested parties may participate in the bidding, with increments typically increasing by $500 at a time.
- Refunding the Deposit: In the event that a new buyer outbids your initial buyer during the court proceedings, be prepared to refund the 10 percent deposit to the original buyer. However, if your original buyer maintains the highest bid, the funds collected from them will be applied to the purchase.
- Closing: Finally, once the bidding process is complete, you can proceed with closing on the contract for your probate property in Reston. Ensure that all property costs are covered by the financing, and place the full amount into the estate fund.
We understand that selling a probate property can be challenging during this difficult time. If you require assistance, please don’t hesitate to reach out to Sell Simpli at (540) 202-7780 or send us a message. Our team is here to guide you through the process and make it as smooth as possible as you navigate how to sell a probate property in Reston.