Facing the loss of a loved one is tough. To then have to deal with a house when they had no will or estate planning in place can make it even tougher. Now comes dealing with the lawyers and the courts to make it through the long drawn out process of probate.
It can be costly to go through, so if at all possible consult with an estate planning attorney or elder care attorney in advance of your loved one passing. If you are far enough in advance, it may be possible to avoid probate all together and if it’s not, sometimes there are a few simple steps that can help with some of the tougher assets to manage, like their home. When our parents passed with out a huge estate plan, we were able to at least change the title to their home, so that we didn’t have to have it sitting in vacant for months during the probate process. We were able to sell it and distribute the funds.
We were lucky.
While it may not be possible to avoid probate making the mistake of skipping any of the legal requirements which can further tie up your property. You’ll need to be patient as the assets of the deceased are analyzed and the rightful inheritors of the estate are determined. Executors may need to liquidate the real estate, leading to the probate court distributing the funds evenly among those beneficiaries.
Should you find yourself in this position, read on for information on how to sell a property like a house or an investment property that is in probate in Overland Park.
Certain aspects of this real estate law are common among all jurisdictions, for a valid sale, you’ll want to ensure you consult with a local Probate Attorney to make sure you follow all of the legalities for selling your probate property in Overland Park.
How To Sell a Probate Property in Overland Park
Your first step will be to locate an independent certified appraiser. You can either reach out through phone listings or word of mouth among probate property real estate professionals in Overland Park.
Once you’ve obtained your certified appraisal, you’ll next want to proceed by filing a petition with the court to sell the probate property in Overland Park. While filling out your petition, be certain the information includes any pertinent information about the property along with the method that will be used to complete the sale, be it at an auction or on the open real estate market. Submit your petition along with your certified appraisal. Once you’ve obtained the court’s approval, you may then proceed with the sale.
Offer the Property
For sale, with conditions! Now that you can finally take action and sell your probate property in Overland Park, you’ll want to make certain to disclose to your potential buyer that the court’s confirmation of the transaction is required before you can accept, making the offer conditional.
Commonly, once you’ve petitioned the court for a hearing to confirm your sale, you can expect delays on the court calendars ranging from between 20 to 40 days, from the filing date.
Plan to collect a 10 percent deposit from the buyer at this time, which is based on the purchase price.
Because the ultimate goal of the sale of a probate property in Overland Park is to garner the highest amount possible for the estate, you must advertise your court hearing to the general public for a process known as open bidding. This allows any additional interested parties to participate in the purchase of the real estate, aiding in raising the final purchase price.
Now you’ll need to attend the court hearing and wait until the unconditional bidding has concluded and a cashier’s check is presented for the final figure. Your buyer will be able to participate along with any member of the public who so chooses, bids increase by $500 at a time.
Refunding the Deposit
Should a new buyer overbid your buyer during the court proceedings, be prepared to refund their 10 percent deposit. Otherwise, should your original buyer maintain the highest bid, the funds you previously collected from them would be applied to the purchase.
Finally, you can close on the contract for your probate property in [markte_city]. Be certain that the costs of the property are covered by the financing. You’ll also be responsible for placing the full amount into the estate fund.
Now another option is just to wait until the entire probate process is completed and then the house now belongs to the heirs and the heirs can do whatever they would like with the home.
Whichever way you decide to go, we’re here to assist you during this difficult time and make the process easy. Call kcmoHomeBuyer today at (816) 800-9044 or send us a message to sell a probate property in Overland Park.
A few other resources
- Blogger Local’s List of the Top 10 Estate Planning Attorneys in Kansas City
- Blogger Local’s List of the top Estate Sale Companies in the KC Metro
- Probate Process from Kansas Legal Services
- Probate Process Guide from the Missouri Bar
- Our Free Reports – One is our Inherited Home Guide