If you unexpectedly find out you are the executor of a will, the burden of managing the legal process of the estate falls on your shoulders. While becoming an executor can be stressful, if you understand the process, it can reduce stress and help you manage heirs that might feel they are being treated unfairly.
Probate Laws in California
In California, the Independent Administration of Estates Act allows a person to act on behalf of a deceased person to represent the administration of their property. It makes it easier to settle the estate and apply to sell a Sacramento property quickly. When the court awards authority based on a Letter of Testamentary, they relinquish supervision of the property sale to you as the executor.
You are provided with either full or limited authority, with limited authority allowing the court to provide some supervision over the management of the property. With full authority, you can proceed as you see fit, but you have to complete a “Notice of Proposed Action.” This notice goes to all heirs to the estate, and they can object to your proposed plans.
Property Clean Up and Appraisal
Before you decide what you want to do with the home, you will have to take the first, and often worst step, which is the clean up. Regardless of what you end up doing with the home, the contents of the home will have to be packed and a thorough cleaning will have to be completed. Gather heirs and family members to go through the contents of the home to determine how to manage the deceased’s belongings. Then conduct a thorough cleaning so it will be easier to assess the property’s condition and have an appraisal performed to determine the home’s value.
A certified appraiser must perform the appraisal. You want to understand how much the home is worth and also get an idea of any issues that might exist. It is also a good idea to speak to a real estate agent as they can help you look at the home from a buyer’s perspective and address issues that might make it challenging to sell.
Selling the Property
The basic process to sell a property in probate is as follows:
- As mentioned, the property appraisal must be performed by a certified appraiser to determine the value.
- Obtain the Petition with the court to provide the details to acquire approval for the sale including if you are considering a cash sale with investors.
- Put the home up for sale with notice that the court confirmation is pending.
- Advertise the sale in local newspapers to help encourage bidding so you get the best price.
- A court hearing is held to accept bids on the home.
- When the final bid is accepted, a deposit is received to confirm the contract.
However, if the home is in poor condition it can be hard to find buyers which could leave you stuck with managing the property for months or longer.
Selling a Home in Bad Condition
If the deceased was unable to maintain the home, you might run into issues selling. The bottom line is even when the house is in probate it all boils down to finding a buyer. Whether the home is completely outdated or suffering from significant structural damage you could find the home is appraised for a much lower price then you hoped.
While a real estate agent can make suggestions on what needs to be done to prepare the home for sale, if there are issues with the home, this can become a challenge. The worse off the home’s condition, the more sense it makes to try to find an investor instead.
An investor is often your best bet for selling your Sacramento home quickly when the home is in bad shape. It takes a lot of effort to get a home in bad condition ready to sell. An investor takes the burden of working to keep the home primed for viewings and offers a fair price upfront. Sometimes, when you look at what you have to pay a real estate agent in commission in hand with the work and cost of prepping the home for sale, an investor’s offer comes in around the same cost and you also offload the home a lot faster.
A real estate agent doesn’t always have the ability to market an extreme fixer-upper that can keep the home on the market for months. Selling to an investor for cash takes away the stress and eases the burden of carrying on with property management until the home finally sells. You close probate, get a fair price, the heirs are happy, and you can move on.
Why Choose an Investor?
When a home is in bad condition, an investor will take the property off your hands and help you get close to 90% of the appraised value. They have capital available to pay cash and end your misery because they specialize in buying run-down properties. This is because they make money by investing the right amount to bring the home back to its original glory and sell it for a profit. You don’t have the time, skills or money available to work with a contractor to manage the major work involved to get the house up to snuff. The longer the list of issues, the more difficult the task becomes.
With an investor you avoid:
- Hiring a contractor
- Paying commission to a real estate agent
- Worrying about selling
- Ongoing disputes with heirs
If you find you are left with the hassle of selling a home in probate, an investor often offers the most profitable solution for selling inherited property fast.
If you are looking to sell a house during probate, get in touch with the experts at Property Sales Group today. We work closely with probate attorneys and can help you get a fair price for any inherited property. Call us today at 916-990-7374 to learn more.