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We buy probate houses and property. While we pay cash for homes. When selling your probate property or other assets that are left behind when a person dies, we often ask ourselves, ‘what am I going to do with this property”? Well, the first thing you do is run the Will and Testament through what is called Probate Court. Now you ask, “what is Probate”?
Probate is the legal process where the Executor or Executrix who inherited the property from the deceased, file with the Probate court in order to legally have all the property or properties distributed to all the heirs and designated beneficiaries involved. As well, any and all debts will be order to be paid off. All of this done via the Last Will and Testament of the deceased. If there is no Last Will and Testament, you can still file for Administrator of the Estate.
Or, if there is no Will, you Do Not have to file with the probate courts in order to sell any real estate. You can sell real estate by using the Title Companies Attorney or any real state Attorney file the application for Affidavit of Heirship which requires two individuals who are not Family members, but both knew the deceased and the individual trying to sell the real estate. Keep in mind, we buy probate houses and property. We pay cash for houses.
Probate involves many different steps and we will explain a few here. With a Will present.
What About other Assets of the Deceased?
Real estate is the usually what heris of the deceased want to sell in order to come into a large sum of money. Now there are other assets, such as vehicle(s), jewelry, stocks and collectibles, which can all be sold while using the Affidavidt if Heriship. Need to sell your probate house? We buy houses in Dallas – Fort Worth.
One of the main responsibilities of the executor is preserving all the assets of the estate so that those assets may be distributed to all the heirs of the decedent. It is a necessary task as the executor is also responsible for paying off all the bills and creditors of the decedent.
When selling probate property, the main reason is because there is not enough money to pay the debts of an estate. Because we buy houses fast in Dallas, Tx., you are then able to pay off debts of the estate. So if the debts is over $25,000, you as the executor need to come with that amount prior to the debtors pulling together and applying for Eminent Domain of all the real estate owned by the decedent. Yes, this does happen when there are large amounts of debts to be paid via the estate of a deceased individual.
After all debts are paid, then the heirs will be entitled to remaining funds. You must be very careful when selling your probate house to an investor. Though there are probably many repairs to be made to the probate house, are you going to make those repairs? More than likely no! Many reasons come to mind why you will not make those repairs. But, for this article, we will only speak to selling your probate house, not repairing the probate house.
Having the money to make repairs is usually not in the play book for most heirs. So, don’t expect to get a top dollar cash offer from an investor, as investors will have to make those repairs and they will deduct the cost of repairs from the cash offer amount. Plus another 70 percent to 75 percent of the after repaired value. Most often, this will beat out the cost of paying a realtor fees & commission at six percent, your closing cost at 3% to 5%, plus the time it takes to sell the house (holding cost) with the mortgage, insurance, utilities, maintenance. All of that adds up fast when you are wanting to sell your probate house. We pay cash for houses.
So, if you are running through the probate courts, the estate executor or administrator appointed by the probate court, will manage the business of distributing and wrapping up the estate. As well, the executor – administrator of the estate when the deceased dies intestate, (without a will) and the heirs are looking to have the estate administered as quick as possible.
Also, the heirs can move forward with the sale of any and all real estate they inherited through the probate procedure, as technically, the estate is not part of the probate property. Once you have decided what yo want to do with the probate property, we buy probate houses and property and we pay cash for houses.
While you probate house is sitting there and whether or not you are going through the probate courts or not. In the State of Texas you must have your property covered with insurance. A vacant house is also subject to vandals getting inside the house and stripping out the copper plumbing and the electrical wiring. Talk about a disaster waiting to happen. Since I have been in the house buying business, I have witnessed many houses damaged beyond theft of plumbing and wiring. Vandals today will punch holes in the walls simply to cause more damage for no particular reason. Most of those houses that this happens to are only vacant for one month prior to being vandalized. From there it just continues to happen on a regular basis. We buy probate houses and property and we pay cash for houses.
So, it is very important for you to keep the house insured through out the probate process or at least until you have the house sold. We buy probate houses and property. We pay cash for houses and close quick, or you set the closing date. Either way, you must purchase a new insurance policy in your name as the executor, or in the name of estate, or in the name of the heirs who inherited the property. If you wish to sell an inherited house, we buy houses in Dallas.
looking for a real estate buying bargain? When buying houses at a probate sale, you can usually find a great bargain there. As investors or potential homeowners, there are plenty of bargains at probate sales. So much so that it becomes a cash offer war between buyers. Now, we buy houses and we pay cash for houses, which can give us the upper hand at times. Most of the time the executor or administrator want to sell their probate house quick, often below market value. As they say ‘Cash is King” so we pay cash for houses. Minus the repairs needed, we can close in (5) days if needed, or you can set the closing date.
Each State has it’s own rule and regulations for buying probate houses and property. When a property is sold by the probate court, it is usually fashioned like an auction sale. Your local probate courts may have a website for you to view the properties available for sale. As with an auction, and depending on the jurisdiction, you submit an offer to buy a house, or appear in person. either way, if you win, you are usually required to pay in cash or check. This another reason we pay cash for houses.
Sometimes the executor will be selling the probate house and property to satisfy debts left by the deceased, so you may have to send your cash offer to the executor, who will make the final decision. As well, the property may or may not be listed on the mls with a realtor. In the State of Texas, the probate courts will need to make the approval for purchase. This does sometimes take a few days to complete. Here again, if the heirs decide to sell a probate house before or after a probate procedure, that’s total up to them.
Remember, we buy probate houses and property. We pay cash for houses in Dallas
All the Best,
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