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Probate Property: Selling Our Family Home, dealing with the death of a loved one and the issue of probate can be a full time task. An estate very often consist of the family home, with some small banking accounts, maybe an IRA or 401(k), a vehicle or two, ect… For many Americans, our biggest asset is our home, and our home can be the biggest challenge for any estate small or large.
In our post, we want to talk about some details of when an executor or personal representative can sell a probate property in Dallas, Texas. Selling the Probate house of a deceased loved one takes on the important responsibility of handling those last and final affairs.
Many of these houses have been in the Family for generations, and some not so long that why we call it, Probate Property: Selling Our Family Home. Often times the we have an attachment good or bad, to the house, especially if we grew up in it, or spent a lot of time in the house as a child. For many of us, having to go through all the decedent’s personal documents and distributing the property that has great value to certain heirs that want it, or selling a probate property that has little value to any heirs, is sometimes the last thing that should be handled. Though, if there is a Will or Trust, which helps to direct the personal representative on how and which heir to distribute the property. A Will or Trust can also tell what property is to be kept in the Family or sold. Here is where Robert Buys Houses DFW comes in, as we buy houses in Dallas and when it’s time, you can sell a probate house in Texas.
First things first when you are considering probate property: selling our family home. Who has the legal responsibility to handle any transactions on behalf of the deceased. If the owner did leave a Will, the Executor is the authorized person and only person to handle any transactions as for selling probate property. Remember, we buy houses in Dallas if you are considering selling property property. Now, if the house is in a Trust, the Trustee is the authorized person when it comes to selling your probate property. Again, we buy ugly houses in Dallas and look forward to hearing from you soon. Here, if there is no Will or Trust. somebody must step forward to handle any and all aspects of selling your probate property.
Without a Will, there are tow things that can happen. A immediate Family member (wife or adult child) can sell probate property by entering into a real estate contract and allow the Title company perform an Affidavit of Heirship, which is the same document used by the Probate Courts. Second, you can always go file a petition with the Probate court, as volunteers to act as the Administrator of the Estate, and obtain Letters of Testamentary (authority of the court) to handle the affairs of the Estate. Even if there is a Will, the Executor only has the authority of the court to act, after Probate Estate is opened and Letters of Testamentary are issued. Banks insurance, and other will not communicate with you, if you do not have the correct authorization.
With specific facts and unique circumstances Family members may have other alternatives in selling your probate property. It depends on how well the Family members get along and are willing to at together, and coordinate their efforts. This, sometimes is a very difficult task.
With all that said. Estates should NOT hold on to houses for too long, as many insurance companies often do not want to insure houses that are empty. So, you should not leave the house totally empty, or unattended, having some furnishings inside the house will pass for insurance purposes. Some consider renting out the house for a short period of time. before selling probate property. Sometimes Family members want the house, or to rent it themselves (in most cases, live in it for free). Dealing with a family member until the house sells can work in many cases. But other issues very often come up that can add to complications to the task of handling the estate, when family want the house. Keep in mind, we buy houses in Dallas and we buy ugly houses when ever you need to sell your house fast in Dallas. Probate Property: Selling Our Family Home.
Once a probate property is sold, the new owner will be required to have mortgage insurance. When the previous owner died, the requirement for title and mortgage insurance is even more important, because there could be potential claimants of the previous estate. Heirs and other interested people come out of the woodwork, trying to make claim to the property. These estate issues would have been handled through the probate court, if there was a Will.
With a Probated Estate. there will be notices sent out to all known creditors and heirs, as well as a notice placed in the local newspaper for any other unknown creditors and heirs. In Texas these notices a followed up by a six month claims period. Though, real property can be sold, though the distribution of funds will be held until the claims period ends. Herein, all the usual circumstances and considerations when selling probate property apply when the owner is deceased. Other than any title issues relating to the death of the owner, there may also be title issues related to encroachments, easements, mortgages and encumbrances. Even with environmental concerns depending where the property is located. Much goes into it when your Probate Property: Selling Our Family Home is concerned.
Many times, the property is in disrepair, which is not uncommon when the deceased is an elderly person. Now, there should be some considerations given to performing those repairs or sell a house fast to a real estate investor. You need to be ready to allow for the repairs, which the buyer will have to make, not you. As well, make considerations for inspections, appraisals, and some negotiations are most likely to take place. We buy houses in Dallas and we buy ugly houses when it comes probate property of an elderly deceased person.
Now we need to determine the true value of the estate and the real property. To maximize the property value, repairs may be needed. So the questions is, do you make repairs or sell the house in it’s as-is-condition? making improvements will raise the value, but what improvements and repairs should you make? Minor repairs will bring little to raising the value. Major repairs will bring bigger increases to the property value. But again, which repairs bring a return on invested money. Who pays for cleaning up the clutter left behind. Who pays for the repairs needed to the house in order to get a better return. Yes, you can hire a realtor to tell you what you already know. You can also get several bids for work needed.
Then you can also sell a house fast in Dallas by contacting us at Robert Buys Houses DFW (214) 723-1304. We buy in Dallas and we buy ugly houses that most people just don’t know what to do with, or they just don’t want the house any longer. People contact us for many different reasons, but all are to sell a house fast, that they know how to determine the value or raise the value of that house. Many times people simply do not have the money or where with all to put money into a house.
Not a problem. we provide a better, faster & easier way for you to sell your house in Dallas, Tx. without a realtor. No fees, No commissions, No repairs, No closing cost. Often times real property is the most valuable asset people own. We can walk you through how our process works, it’s a very simple 3 Steps process.
So it’s that easy…you choose how you contact us. Just be sure that you do. Probate Property: Selling Our Family Home can be a difficult task for all involved.
All The Best to You,
Robert Buys Houses DFW
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