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6 Things to Know About Probate Real Estate in Stafford

probate in Houston

When dealing with a probate property in Stafford, you may come across questions you don’t have the answer for. This article offers 6 things you need to know about dealing with your property.

Probate real estate definition

The meaning of probate is the legal process where a will is reviewed to determine its validity. It also refers to the administering of a deceased individual’s will or the estate of a deceased person that didn’t leave a will.

In most cases, the real estate that needs to go through probate will need to be sold so the proceeds from the sale can be split among the beneficiaries or otherwise indicated in the will.

The first thing to do is to determine where the probate needs to occur. The best place to start is the municipality where the property is located.

There are many states that require the probate to be done in the county in which the property is situated.

After this is done, you will need to hire a lawyer to analyze the will then draw up the paperwork.

The paperwork is then taken to the courts to be reviewed. The judge determines who is the rightful owner of a piece or portfolio of real estate usually based on the previous owner’s will. Very rarely does the judge rule against the will.

Who Pays For Probate?

You can either pay for the probate out of pocket, or you can arrange that the probate costs be taken out at closing.

The executor of the estate will determine a listing price for the property, negotiate the sale price, and execute the sale contract. The lawyer that is handling the probate for you will then send their invoice to the title company handling the real estate transaction.

The fees will be subtracted from the proceeds of the sale of the property. Court fees can range from a few hundred dollars to well over a thousand dollars. This varies by state and value of the property.

Can you sell assets before probate?

You cannot sell or even list the property before it is completed or without approval from the court. You will have to petition the court to be allowed to list the property.

When it is listed available for sale, you may entertain offers on the property and have a contract; however, the closing will not occur until the probate is complete.

After the probate case is filed, the title company knows who has the legal right to sell the property. 

How Much Should I Sell My Probate for?

In order to know how much you can ask for the real estate, you need to have the property appraised so you know how much it is worth and if there are any problems with the structure because these issues must be disclosed on the contract for sale.

When you receive offers, you must take into consideration the court costs. If you own a vacant lot, make sure the offer is enough to cover your bill.

Most houses and other types of real estate will sell for way more than the cost to have the probate completed.

If you want to sell the probate real estate quickly, you may want to list it on the lower end of the market comps or appraisal price, this will ensure your property receives offers very quickly.

If you need to run an analysis of the comps in your area, you can reach out to a realtor and have them do it for you.

Selling a house in probate

When you have received an acceptable offer, or you have negotiated a price you are willing to sell for, execute the contract.

If you have any questions about the contract, reach out to a real estate lawyer to help you understand all the terms, conditions, and riders necessary to complete the deal.

When the title company is chosen, make sure you provide the lawyer’s invoice to them so they can take care of the bill out of your proceeds. 

Buying a house in probate

One of the main reasons people buy these properties is to take advantage of the selling price. Typically, homes are sold for much lower than homes of their value in the area.

keep in mind that these houses are sold in as-is condition and you must do your due diligence.

Here are some additional links that can help you with a probate home.

Certified probate real estate specialist agents

Harris county probate court real estate

Contact Sell Your Homes Houston today at 832-535-2034 to discuss in greater detail what you should know about dealing with probate real estate in Stafford.

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