Have you recently inherited a property that is now going through probate? It can be a long and arduous process, especially if you are the executor. All of your hard work handling the financial affairs should pay off in one way or another. In our latest post, we will help you learn how to sell a probate property in Myrtle Beach!
The probate process is stressful and can often times feel like it’s never ending. Selling a house on top of everything else can only add to the frustration. At Belle Coast Properties we can help you with a fair and fast sale of your probate property in Myrtle Beach. If there is more than one beneficiary, a fast and easy sale will usually please everyone. Keep reading to learn more about our best tips for selling quickly.
What Is Probate?
Probate is a process that occurs when someone passes away, and the courts allow the rightful heirs to receive property listed in the will. An often overlooked part of the process is that the debts of the estate also must be paid off. If you happen to be the executor in the probate process, it’s best to hire a probate attorney as the process moves through the courts. They will be able to provide you with advice, help you handle debt payments, tax situations, and guide you through an often stressful process. Make sure you provide them with all of the estate planning documents, and make a list of all the estate’s assets. You should notify all creditors and pay off any outstanding debts with money from the estate. There will also need to be income taxes filed, which include a possible inheritance tax. Depending on the situation and if the deceased had a will, the process can take anywhere from 6 months to over two years. If the property has already made it through the probate process, see our article Keep or Sell Your Inherited Property in Myrtle Beach.
Why Would A Probate Home Need To Be Sold?
When a person dies and there are outstanding debts or ongoing expenses such as a mortgage payment, property taxes, insurance, HOA fees, etc., the estate may not have enough income to pay these debts. The executor of the estate may be forced to sell the property in order to avoid foreclosure. If the house is not required to be sold by the court, you will need to wait until the probate process is completed before attempting to sell the house. However, you can plan ahead by speaking to us and giving us the property basics. We will be able to provide you with a tentative offer, so you can know what to expect once your house has cleared the probate process.
How It Works
Even if the property was not left to an heir, the executor of the estate will be tasked with handling the sale of the home. An interested buyer must provide a written offer along with a deposit. Before the offer is approved by the courts, the court will ask if there is anyone who would like to make a higher offer for the property. Once the court approves the offer, there be an opportunity to have the property inspected before the sale of the home is finalized. After that, the sale of the property can be completed in a matter of days. The proceeds of the sale are used to pay any outstanding debts, with the remaining balances going to the heirs as outlined in the will.
Make Sure Everyone Is Onboard
If there are multiple heirs, it is important to make sure everyone is all on the same page. While the executor of the estate has the authority to list and sell the property, it is best to get everyone in agreement ahead of time. You don’t want to have anyone contest the sale or create problems within a family if you can avoid it.
Do you want to learn more about how to sell a probate property in Myrtle Beach? We can answer any question you have about the process. Reach out to us today for more information! 843-732-3529
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